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A company preparing for a Chapter 7 liquidation has the following liabillties: . Note payable A of $134,000 secured by land having a book value
A company preparing for a Chapter 7 liquidation has the following liabillties: . Note payable A of $134,000 secured by land having a book value of $72,000 and a falr value of $92,000 . Note payable B of $164,000 secured by a bullding having a $82,000 book value and a $62,000 falr value Note payable C of $82,000, unsecured. .Administrative expenses payable of $42,000. Accounts payable of $142,000. . Income taxes payable of $52,000. The company also has these other assets: . Cash of $13,600 Inventory of $144,000 but with a net realizable value of $82,000. Equipment of $134,000 but with a net realizable value of $72,000. How much will each of the company's liabilities be pald at liquidation? Amount 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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