Dart Inc., a closely held corporation, was petitioned involuntarily into bankruptcy. Dart contested the petition. Dart has not been paying its business debts as they became due, has defaulted on its mortgage loan payments, and owes back taxes to the BIR. The total cash value of Darts bankruptcy estate after the sale of all assets and payment of administration expenses is P100,000.

Dart have the following creditors:

Nova Bank is owed P75,000 principal and accrued interest on a mortgage loan secured by Darts real property. The property was valued at and sold, in bankruptcy, for P70,000.

The BIR has a P12,000 recorded judgment for unpaid corporate income tax.

JOG Office Supplies has an unsecured claim of P3,000 that was timely filed.

Decoy Publications has a claim of P14,000, of which P2,000 is secured by Darts inventory that was valued and sold, in bankruptcy, for P2,000. The claim was timely filed.

27. What amount would JOG receive?

a) P2,400

b) P1,800

c) P1,000

d) P1,200

28. What total amount would Nova Bank receive on its secured and unsecured claims?

a) P70,000

b) P72,000

c) P74,000

d) P75,000

29. What amount would the BIR receive?

a) P0

b) P 8,000

c) P10,000

d) P12,000