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Creditors of Jones Corporation are considering petitioning the courts to force the company into Chapter 7 bankruptcy. The following information has been determined. Administrative expenses
Creditors of Jones Corporation are considering petitioning the courts to force the company into Chapter 7 bankruptcy. The following information has been determined. Administrative expenses in connection with the liquidation are estimated to be $29,000. Indicate the amount of money that each class of creditors can anticipate receiving. \begin{tabular}{l} Free assets \\ Liabilities with priority \\ Free assets after payment of liabilities with priority \\ \hline Unsecured liabilities \\ Payment on notes payable (secured by land) \\ Payment on notes payable (secured by buildings) \\ \hline Payment on accounts payable (unsecured) \\ \hline Payment of taxes payable \\ \hline Payment of administrative expenses \end{tabular}
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