Reference no: EM133154012
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?