A company is to be liquidated and has the following liabilities: Income taxes $ 8,000 Notes payable (secured by land) 120,000 Accounts payable 85,000 Salaries payable (evenly divided between two employees) 6,000 Bonds payable 70,000 Administrative expenses for liquidation 20,000 -------------------------------------------------------------------------------- The company has the following assets: Book Value Fair Value Current assets $ 80,000 $ 35,000 Land 100,000 90,000 Buildings and equipment 100,000 110,000 -------------------------------------------------------------------------------- How much money will the holders of the notes payable collect following the liquidation? Total amount collected $ A company is to be liquidated and has the following liabilities: Income taxes Notes payable (secured by land) Accounts payable Salaries payable (evenly divided between two employees) Bonds payable Administrative expenses for liquidation $ 8,000 120,000 85,000 6,000 70,000 20,000 The company has the following assets: Book Value Current assets Land Buildings and equipment Fair Value $ 80,000 100,000 100,000 $ 35,000 90,000 110,000 How much money will the holders of the notes payable collect following the liquidation? Total amount collected $