On January 15, 2020, Link Corp. paid $480,000 in property taxes on its factory building for the calendar year 2020. In the first week of April 2020, the corporation made unanticipated repairs to its plant equipment at a cost of $1,200,000. How should these expenses be reflected in Links quarterly income statements?

	Three Months Ended
	3/31/20	6/30/20	9/30/20	12/31/20

$480,000

$1,200,000

$ -0-

$ -0-

$120,000

$1,320,000

$120,000

$120,000

$120,000

$520,000

$520,000

$520,000

$420,000

$420,000

$420,000

$420,000

Nortel Networks experienced one of the most notorious Canadian bankruptcies. Eventually there was a distribution of funds obtained from selling off Nortels assets, including intellectual property. Former Nortel employees eligible to receive pensions made up one of the major groups seeking relief from the court. Would those entitled to pension funds have been secured or unsecured creditors in the bankruptcy? Enter your answer in accordance to the question statement