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12. Seco Corp. was forced into bankruptcy and is in the process of liquidating assets...

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Accounting

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12. Seco Corp. was forced into bankruptcy and is in the process of liquidating assets and paying claims. Unsecured claims will be paid at the rate of forty cents on the dollar. Hale holds a $30,000 noninterest- bearing note receivable from Seco collateralized by an asset with a book value of $35,000 and a liquidation value of $5,000. The amount to be realized by Hale on this note is a. $5,000 b. $12,000 c. $15,000 d. $17,000

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