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Partnerships and Bankruptcy Sparkman Co. filed a Bankruptcy petition and liquidated its noncash assets. Sparkman was paying forty cents on the dollar for unsecured claims.

Partnerships and Bankruptcy

Sparkman Co. filed a Bankruptcy petition and liquidated its noncash assets. Sparkman was paying forty cents on the dollar for unsecured claims. Bailey Co. held a martgage of $150,000 on land that was sold for $110,000. The total amount of payment that Bailey should have received is calculated to be

$ 110,000

$ 150,000

$ 126,000

$ 60,000

$ 44,000

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