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Mondesto Company has the following debts: Unsecured creditors $ 239,000 Liabilities with priority 119,000 Secured liabilities: Debt 1, $228,000; value of pledged asset 189,000 Debt
Mondesto Company has the following debts: Unsecured creditors $ 239,000 Liabilities with priority 119,000 Secured liabilities: Debt 1, $228,000; value of pledged asset 189,000 Debt 2, $190,000; value of pledged asset 109,000 Debt 3, $129,000; value of pledged asset 158,000 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 $157,600. For how much do these free assets have to be sold so that the creditors associated with Debt 2 receive exactly $157,600?
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