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Mondesto Company has the following debts: Unsecured creditors $ 233,000 Liabilities with priority 113,000 Secured liabilities: Debt 1, $216,000; value of pledged asset 183,000 Debt
Mondesto Company has the following debts:
Unsecured creditors $ 233,000 Liabilities with priority 113,000 Secured liabilities: Debt 1, $216,000; value of pledged asset 183,000 Debt 2, $177,000; value of pledged asset 103,000 Debt 3, $123,000; value of pledged asset 146,000
The company also has a number of other assets that are not pledged in any way. The creditors holding Debt 2 want to receive at least $151,100.
For how much do these free assets have to be sold so that the creditors associated with Debt 2 receive exactly $151,100?
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