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Problem 13-31 (Algo) (LO 13-4, 13-6, 13-7) Chesterfield Company holds cash of $65,000, inventory worth $120,000, and a building worth $145,000. Unfortunately, the company
Problem 13-31 (Algo) (LO 13-4, 13-6, 13-7) Chesterfield Company holds cash of $65,000, inventory worth $120,000, and a building worth $145,000. Unfortunately, the company also has accounts payable of $195,000, a note payable of $95,000 (secured by the inventory), liabilities with priority of $34,800, and a bond payable of $180,000 (secured by the building). In a Chapter 7 bankruptcy, how much money should the holder of the bond expect to receive? Total amount received by bond holders
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