A Corporation is liquidating under Chapter 7 of the Bankruptcy Act. The accounts at the time of filing are summarized as follows: Estimated Realizable 51 Book Value Value Cash S 65,000 65,000 Accounts receivable net 15,000 12,000 Inventory 380,000 290,000 9 Land 60,000 85,000 10 Building 210,000 200,000 11 Goodwill 455,000 0 12 1,185,000 13 14 Accounts payable 600,000 15 Wages and salaries 125,000 16 Taxes payable 41,000 17 Mortgage payable 405,000 18 Capital stock 150,000 19 Deficit (136,000) 20 1,185,000 21 22 23 The land and building are pledged as security for the mortgage payable. 24 Wages and salaries were earned within 90 days of filing the bankruptcy petition + 25 and only one eemployee- Jack Rogers was $20.000 exceeding the $13.650 limit 26 Liquidation expenses are expected to be $ 45.090. PROB 1 PROB 2 Sheets