Sparkman Co. filed a bankruptcy petition and liquidated its noncash assets. Sparkman was paying thirty cents on the dollar for unsecured claims. Bailey Co. held a mortgage of $120,000 on land that was sold for $90,000. The total amount of payment that Bailey should have received is calculated to be?

A $90,000

B $27,000

C $36,000

D $99,000

E None of the above