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The following information is available for Copout Corporation, which has filed for Chapter 7 bankruptcy protection: Wages and taxes payable (priority) $80,000 Fully secured liabilities
The following information is available for Copout Corporation, which has filed for Chapter 7 bankruptcy protection:
Wages and taxes payable (priority)
$80,000
Fully secured liabilities
84,000
Partially secured liabilities
120,000
Realizable value of assets held as security for fully secured liabilities
110,000
Realizable value of assets held as security for partially secured liabilities
70,000
Realizable value of unsecured assets
260,000
Unsecured liabilities
300,000
Required:Present a statement of affairs for Copout Corporation, in good form.
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