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S company was to be liquidated had the following liabilities: Income taxes P 10,000.00 Notes payable secured by land 100,000.00 Accounts payable 51,050.00 Salaries payable (10,950 for employee 1 and P2,000 for employee 2) 12,950.00 Administrative expenses for liquidation 20,000.00 The company had the following assets Book values Fair value Current assets P 100,000.00 P 95,000.00 Land 50,000.00 75,000.00 Building 150,000.00 20,000.00 Compute for the total free assets, before deducting liabilities with priority