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A company that was to be liquidated had the following liabilities
Income Taxes $ 10,000
Notes Payable secured by land 100,000
Accounts Payable 44,000
Salaries Payable ($16,000 for Employee #1 and $4,000 for Employee #2) 20,000
Administrative expenses for liquidation 20,000
The company had the following assets:
Book Value Fair Value
Current Assets $ 100,000 95,000
Land 50,000 75,000
Building 150,000 200,000
Problem 1: Total unsecured are calculated on what amount?
a. 295,000
b. 42,950
c. 76,050
d. 200,000
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