Reference no: EM13169444
Olds Company declares Chapter 7 bankruptcy. The following are the asset and liability book values at that time; administrative expenses are estimated to be $12,000:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,000
Accounts receivable. . . . . . . . . . . . . . . . 60,000 (worth $28,000)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . 70,000 (worth $56,000)
Land (secures note A) . . . . . . . . . . . . . . 200,000 (worth $160,000)
Building (secures bonds) . . . . . . . . . . . . 400,000 (worth $320,000)
Equipment. . . . . . . . . . . . . . . . . . . . . . . 120,000 (worth unknown)
Accounts payable . . . . . . . . . . . . . . . . . 180,000
Taxes payable to government. . . . . . . . 20,000
Note payable A . . . . . . . . . . . . . . . . . . . 170,000
Note payable B . . . . . . . . . . . . . . . . . . . 250,000
Bonds payable . . . . . . . . . . . . . . . . . . . . 300,000
The holders of note payable B want to collect at least $125,000. To achieve that goal, how much does the company have to receive in the liquidation of its equipment?
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