q1 A company that was to be liquidated had the following liabilities: Income Taxes $ 10,000 Notes Payable secured by land 100,000 Accounts Payable 44,000 Salaries Payable ($16,000 for Employee #1 and $4,000 for Employee #2) 20,000 Administrative expenses for liquidation 20,000 The company had the following assets: Book Value Fair Value Current Assets $ 100,000 95,000 Land 50,000 75,000 Building 150,000 200,000

Q1:Assets available for unsecured creditors after payments of liabilities with priority are calculated to be what amount?

• $223,150.

• $248,150.

• $220,000.

• $243,150.

• $275,000.

Q2:Total unsecured non-priority liabilities are calculated to be what amount?

• $ 44,000.

• $ 47,150.

• $ 72,150.

• $ 74,000.

• $220,000.