A company that was to be liquidated had the following liabilities: Income taxes$10,400Notes payable (secured by land) 156,000Accounts payable$107,900Salaries payable to employees ($15,000 for John Jay and $2,800 for Ann Still 17,800Bonds payable 81,000Administrative expenses for liquidation 26,000??The company had the following assets:? Book Fair Value ValueCurrent assets$104,000$42,900Land 130,000 117,000Buildings & equipment 130,000 143,000?Prepare a schedule to show the amount of total assets to pay liabilities with priority and unsecured creditors
What will be an ideal response?
Assets to pay priority and unsecured creditors: | ||
Current assets | $ | 42,900 |
Buildings and equipment | 143,000 | |
Total | $ | 185,900 |
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