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What is the amount of net free assets

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Question - The following were taken from the statement of affairs of DUTCHMEN Corp.:

Assets pledged for fully secured creditors (estimated market value P150,000) P180,000

Assets pledged for partially secured creditors (estimated market value 148,000 104,000)

Free assets (estimated market value 80,000) 140,000

Salaries, Taxes, and Estimated liquidation expenses 14,000

Partially secured creditors 120,000

Fully secured creditors 60,000

Unsecured creditors without priority 224,000

The Free assets were those assets other than the assets pledged to fully and partially secured creditors. The Unsecured creditors without priority were those creditors with no assets secured to them from the start of liquidation. What is the amount of net free assets?

Reference no: EM133154012

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