The Walston Company is to be liquidated and has the following liabilities: ...
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Accounting
The Walston Company is to be liquidated and has the following liabilities:
| Income taxes | $ | 9,400 |
| Notes payable (secured by land) | 144,000 | |
| Accounts payable | 97,000 | |
| Salaries payable (evenly divided between two employees) | 18,000 | |
| Bonds payable | 82,000 | |
| Administrative expenses for liquidation | 32,000 | |
The company has the following assets:
| Book Value | Fair Value | ||||||
| Current assets | $ | 92,000 | $ | 47,000 | |||
| Land | 112,000 | 102,000 | |||||
| Buildings and equipment | 112,000 | 145,000 | |||||
How much money will the holders of the notes payable collect following liquidation?
=
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