Reference no: EM132640234
Question - The carry values and estimated fair values of the assets of Lace Corporation which is in the process of preparing the statement of affairs are as follows:
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Carrying Value
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Fair Value
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Cash
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100,000
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100,000
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Accounts receivable
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225,000
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150,000
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Inventory
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300,000
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175,000
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Land
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375,000
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350,000
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Building (net)
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900,000
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500,000
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Furniture (net)
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850,000
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400,000
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Liabilities of Lace are as follows;
Accounts payable 300,000
Wages payable (all have priority) 50,000
Taxes payable 60,000
Notes payable (secured by receivable and inventory) 600,000
Interest on notes payable 20,000
Bonds payable (secured by land and building) 750,000
Interest on bonds payable 25,000
Required -
1. What is the total amount of unsecured claims?
2. What is the total free assets?
3. What is the total liabilities with priority?
4. What is the estimated recovery percentage?
5. What is the estimated deficiency?
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