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Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,100 in free cash. The following
Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,100 in free cash. The following debts, totaling $42,550, remain:
| Government claims to unpaid taxes | $ | 6,900 |
| Salary during last month owed to Mr. Key (not an officer) | 18,725 | |
| Administrative expenses | 3,350 | |
| Salary during last month owed to Ms. Rankin (not an officer) | 6,125 | |
| Unsecured accounts payable | 7,450 | |
Indicate how much money will be paid to the creditor associated with each debt.
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