A company that was to be liquidated had the following liabilities:

Income Taxes=$10,000 Notes Payable secured by land=$100,000

Accounts Payable=$50,000 Salaries Payable ($12,000 for Employee 1, and $2,000 for Employee #2)

Admin. expenses for liquidation=20,000

The Company had the following assets Book Value Fair Value

Current Assets 100,000 95,000

Land 50,000 75,000

Building 150,000 200,000

Total assets, available to pay liabilities with priority and unsecured creditors, are calculated to be what amount?

a. 75,000 b. 270,000 c.275,000 d. 295,000