Requirements:

1. Assets pledged to partially secured creditors

2. Assets pledged to fully secured creditor

3. Total free assets

4. Net free assets

5. Unsecured liabilities with priority

6. Fully secured liabilities

7. Partially secured liabilities

8. Unsecured liabilities without priority

9. Estimated deficiency to unsecured creditors

10. Expected recovery percentage of unsecured creditors

11. Estimated payment to fully secured creditors

12. Estimated payment to partially secured creditors

13. Estimated payment to unsecured creditors with priority and without priority

14. Total payment to creditors

Additional information: The following were determined before the start of the liquidation process: a. Only 76% of the accounts receivable is collectible. b. P10,000 interest is receivable on the note. c. The inventory has an estimated selling price of P420,000 and estimated costs to sell of P10,000. d. The prepaid assets are nonrefundable. e. The land and building have fair values of P2,000,000 and P800,000, respectively, but ABC Co. expects to sell both assets at a package of P2,600,000. f. The equipment has an estimated net selling price of P200,000. g. Administrative expenses of P30,000 are expected to be incurred in the liquidation process. h. The accrued expenses include accrued salaries of P25,000. i. P15,000 interest is payable on the loan. j. All other liabilities are stated at their expected net settlement amounts. ABC Co has filed for voluntary insolvency and is going to liquidate. ABC's statement of financial position prior to the liquidation process is shown below: ABC Co. Statement of Financial Position As of December 31, 2020 ASSETS Current assets Cash Accounts Receivable Note Receivable Inventory Prepaid assets 40,000 220,000 100,000 530,000 10,000 900,000 LIABILITIES AND EQUITY Current liabilities Accrued expenses Current tax payable Accounts payable 221,000 350,000 1,000,000 1,571,000 Noncurrent liabilities Note payable (secured by equipment) Loan payable (secured by land and building) 300,000 2,000,000 2,300,000 Noncurrent assets Land Building, net Equipment, net 500,000 2,000,000 300,000 2,800,000 3,700,000 Capital deficiency Share capital Retained earnings (deficit) Total assets 500,000 671,000 171,000 3,700,000 Total liabilities and equity Additional information: The following were determined before the start of the liquidation process: a. Only 76% of the accounts receivable is collectible. b. P10,000 interest is receivable on the note. c. The inventory has an estimated selling price of P420,000 and estimated costs to sell of P10,000. d. The prepaid assets are nonrefundable. e. The land and building have fair values of P2,000,000 and P800,000, respectively, but ABC Co. expects to sell both assets at a package of P2,600,000. f. The equipment has an estimated net selling price of P200,000. g. Administrative expenses of P30,000 are expected to be incurred in the liquidation process. h. The accrued expenses include accrued salaries of P25,000. i. P15,000 interest is payable on the loan. j. All other liabilities are stated at their expected net settlement amounts. ABC Co has filed for voluntary insolvency and is going to liquidate. ABC's statement of financial position prior to the liquidation process is shown below: ABC Co. Statement of Financial Position As of December 31, 2020 ASSETS Current assets Cash Accounts Receivable Note Receivable Inventory Prepaid assets 40,000 220,000 100,000 530,000 10,000 900,000 LIABILITIES AND EQUITY Current liabilities Accrued expenses Current tax payable Accounts payable 221,000 350,000 1,000,000 1,571,000 Noncurrent liabilities Note payable (secured by equipment) Loan payable (secured by land and building) 300,000 2,000,000 2,300,000 Noncurrent assets Land Building, net Equipment, net 500,000 2,000,000 300,000 2,800,000 3,700,000 Capital deficiency Share capital Retained earnings (deficit) Total assets 500,000 671,000 171,000 3,700,000 Total liabilities and equity