Martinez Company had significant financial problems and was considering the possibility of filing a bankruptcy...
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Accounting
Martinez Company had significant financial problems and was considering the possibility of filing a bankruptcy petition. At that time, the Company had the following assets (stated at net realizable value) and liabilities:
Assets (pledged against debts of $100,000) $125,900
Assets (pledged against debts of $175,000) 99,000
Other assets 113,000
Liabilities with priority 72,000
Unsecured creditors 255,000
Prepare a schedule to show the amount of assets that are available for unsecured creditors after payment of liabilities with priority.
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