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Sparkman Co. filed a bankruptcy petition and liquidated its noncash assets. Sparkman was paying forty cents on the dollar for unsecured claims. Bailey Co. held

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Sparkman Co. filed a bankruptcy petition and liquidated its noncash assets. Sparkman was paying forty cents on the dollar for unsecured claims. Bailey Co. held a mortgage of $150,000 on Sparkman's land which was sold for $110,000. The total amount of payment that Bailey should have received is calculated to be Multiple Choice $126,000. $60,000. $44,000. $150,000. $110,000

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