Quincy Corp., about to be liquidated, has the following amounts for its assets and liabilities: Net Book Realizable Value ValueCurrent assets$200,000$140,000Land 70,000 100,000Building 500,000 350,000Equipment 300,000 160,000Accounts payable 240,000 Income taxes payable 60,000 Mortgage payable 510,000 Note payable 80,000 ??The mortgage is secured by the land and building, and the note payable is secured by the equipment. Quincy expects that the expenses of administering the liquidation will total $40,000.?How much should Quincy expect to pay on the accounts payable?
A. $ 96,000.
B. $120,000.
C. $240,000.
D. $146,000.
E. $128,000.
Answer: A
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