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How much money will the holders of the notes payable

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Reference no: EM132758212

Question - The Walston Company is to be liquidated. It has the following liabilities:

Income taxes $6,400

Notes payable (secured by land) 146,000

Accounts payable 98,000

Salaries payable (evenly divided between two employees) 19,000

Bonds payable 83,000

Administrative expenses for liquidation 33,000

The company has the following assets:

Book Value

Current assets $93,000

Land $113,000

Buildings and equipment $113,000

Fair Value

Current assets $48,000

Land $103,000

Buildings and equipment $156,000

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

Reference no: EM132758212

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