Quincy Corp., about to be liquidated, has the following amounts for its assets and liabilities:

				Net
		Book		Realizable
		Value		Value
Current assets	$	200,000	$	140,000
Land		70,000		100,000
Building		500,000		350,000
Equipment		300,000		160,000
Accounts payable		240,000
Income taxes payable		60,000
Mortgage payable		510,000
Note payable		80,000

The mortgage is secured by the land and building, and the note payable is secured by the equipment. Quincy expects that the expenses of administering the liquidation will total $40,000.

How much should Quincy expect to pay on the accounts payable?

Multiple Choice

• $128,000.

• $120,000.

• $146,000.

• $ 96,000.

• $240,000.