Reference no: EM133051722
Question - Mondesto Company has the following debts:
Unsecured creditors $236,000
Liabilities with priority 116,000
Secured liabilities:
Debt 1, $222,000; value of pledged asset 186,000
Debt 2, $186,000; value of pledged asset 106,000
Debt 3, $126,000; value of pledged asset 152,000
The company also has a number of other assets that are not pledged in any way. The creditors holding Debt 2 want to receive at least $158,800.
Required - For how much do the free assets have to be sold so that the creditors associated with Debt 2 will receive exactly $158,800?
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