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Compute for the total free assets

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S company was to be liquidated had the following liabilities

Income taxes P 10.000.00
Notes payable secured by land 100,000.00
Accounts payable 51,050.00
Salaries payable (10,950 for employee 1 and P2,000 for employee 2) 12,950.00
Administrative expenses for liquidation 20,000.00

The company had the following assets                    Book values                    Fair value

Current assets                                                     P 100,000.00             P 95,000 00
Land                                                                    50,000.00                  75,00000
Building                                                                  150,000.00                20000.00

Question 1: Compute for the total free assets, before deducting liabilities with priority

Reference no: EM132584420

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