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:

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

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Current assets . . _ _ . . .. Land .. _ _ _ . . ._ _ . . Buildings and equipment Book Value Fair Value 80,000 35,000 90,000 100,000 110,000 100,000