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Poypoy Co. has been forced into bankruptcy and liquidated. Unsecured claims will be paid at the rate of P0.50 on the peso. Paul Alex Co.

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Poypoy Co. has been forced into bankruptcy and liquidated. Unsecured claims will be paid at the rate of P0.50 on the peso. Paul Alex Co. holds a non-interest-bearing note receivable from Poypoy Co. in the amount of P50,000, collateralized by machinery with a liquidation value of P10,000. The total amount to be realized by Paul Alex Co. on this note receivable is

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