A statement of financial affairs created for an insolvent corporation that was beginning the liquidation process disclosed the following data (assets were shown at net realizable values): Assets pledged with fully secured creditors $265,000 Fully secured liabilities 200,000 Assets pledged with partially secured creditors 497,000 Partially secured liabilities 641,000 Free assets 400,000 Unsecured liabilities with priority 210,000 Unsecured liabilities 670,000 Required: Prepare a schedule to show the amount available for unsecured creditors after payment of liabilities with priority
A statement of financial affairs created for an insolvent corporation that was beginning the liquidation process disclosed the following data (assets were shown at net realizable values):
Assets pledged with fully secured creditors $265,000
Fully secured liabilities 200,000
Assets pledged with partially secured creditors 497,000
Partially secured liabilities 641,000
Free assets 400,000
Unsecured liabilities with priority 210,000
Unsecured liabilities 670,000
Required:
Prepare a schedule to show the amount available for unsecured creditors after payment of liabilities with priority.
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