The Walston Company is to be liquidated and has the following liabilities:

Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$8,000

Notes payable (secured by land) . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000

. Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85,000

Salaries payable (evenly divided between two employees) . . . . . . . 6,000

. Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . .............. 70,000

Administrative expenses for liquidation . . . . . . . . . . . . . . . . . . . . .. 20,000

The company has the following assets:

Book Value Fair Value

Current assets . . . . . . . . . . . . . . . . . . . . . $80,000 35,000

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 100,000 100,000

Buildings and equipment . . . . . . . . . . . . . . . 100,000 110,000

How much money will the holders of the notes payable collect following liquidation?