S company was to be liquidated had the following liabilities:

Income taxes P 10 000

notes payable secured by land 100 000

accounts payable 51 050

salaries payable (P 10 950 for employee 1 and P 2 000 for employee 2 ) 12 950

administrative expense for liquidation 20 000

the company had the following assets Book Values Fair Values

Current Assets P 100 000 P 95 000

Land 50 000 75 000

Building 150 000 20 000

Compute for the free assets, before deducting liabilities with priorities.