Smith Company is being liquidated in bankruptcy. Unsecured creditors without priority are expected to be paid 40 cents on the dollar. Jones Company has a $80,000 note receivable from Smith that is secured by a building with a current fair value of $50,000. The total amount Jones can expect from Smith for its note receivable is:

Multiple Choice

• $50,000

• $62,000

• $30,000

• $80,000