Wright Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs. The carrying values and estimated fair values of the assets of Wright Company are as follows: Carrying ValueFair ValueCash $10,000 $10,000 Accounts Receivable 60,000 20,000 Inventory 70,000 40,000 Land 90,000 75,000 Building (net) 200,000 150,000 Equipment (net) 80,000 25,000 Total $510,000 $320,000 Debts of Wright are as follows: Accounts Payable$40,000 Wages Payable (all have priority) 6,000 Taxes Payable 12,000 Notes Payable (secured by receivables and inventory) 90,000 Interest on Notes Payable 5,000 Bonds Payable (secured by land and buildings) 200,000 Interest on Bonds Payable 8,000 Total$361,000 Based
on the preceding information, what estimated amount will be available for general unsecured creditors upon liquidation?
A. $52,000
B. $75,000
C. $34,000
D. $56,000
Answer: C
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