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A company preparing for a Chapter 7 liquidation has listed the following liabilities: Note payable A of $92,000 secured by land having a book value

A company preparing for a Chapter 7 liquidation has listed the following liabilities:

  • Note payable A of $92,000 secured by land having a book value of $51,000 and a fair value of $71,000.
  • Note payable B of $122,000 secured by a building having a $61,000 book value and a $41,000 fair value.
  • Note payable C of $61,000, unsecured.
  • Administrative expenses payable of $21,000.
  • Accounts payable of $121,000.
  • Income taxes payable of $31,000.

The company also has these other assets:

  • Cash of $11,000.
  • Inventory of $102,000 but with a net realizable value of $61,000.
  • Equipment of $92,000 but with a net realizable value of $51,000.

Based on this information, how much will each of the company's liabilities be paid at liquidation?

Payment on note Payable A - ?

Payment on note Payable B - ?

Payment on note Payable C - ?

Payment on administrative expenses - ?

Payment on accounts payable - ?

Payment on income taxes payable - ?

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