A. Seahawks, Inc. had the following consignment transactions during December:

Inventory shipped on consignment to Ashe Company	18,000
Freight paid by Seahawks	900
Inventory received on consignment from Fenn Company	12,000
Freight paid by Fenn	500

No. sales of consigned goods were made through December 31. Seahawks' December 31 balance sheet should include consigned inventory at

Select one:

a. P12,500

b. P18,900

c. P18,000

d. P12,000

B. Ricoa Company has been forced into bankruptcy and liquidity. Unsecured claims will be paid at the rate of P0.75 on the peso. Coco Company holds a noninterest-bearing not receivable from Ricoa in the amount of P80,000, collateralized by machinery with a liquidation value of P20,000. The total amount to be realized by Coco on this note receivable is

Select one:

a. P65,000

b. P45,000

c. P60,000

d. P80,000

C.

Maggy Corporation filed a voluntary bankruptcy petition on August 1, 20x7, and the statement of affairs reflects the following information:

	Book value	Fair value
Assets pledged for fully secured liabilities	P 50,000	P 45,000
Assets pledged for partially secured liabilities	60,000	35,000
Free assets	70,000	65,000
Unsecured liabilities with priority	20,000
Fully secured liabilities	30,000
Partially secured liabilities	40,000
Unsecured liabilities without priority	75,000

The amount that will be paid to creditors with priority is

Select one:

a. P14,000

b. P20,000

c. P15,000

d. P16,000