During the liquidation, the sale of all the assets of liquidated corporation resulted to net proceeds of P500,000. Liquidation expense amounting to P30,000 has been paid at the start of liquidation from the net proceeds of disposal of all assets. Before the liquidation, the following data are provided concerning the financial position of the said financially distressed corporation:• The corporation has total assets with book value of P1,000,000 and deficiency amounting to(P170,000.)• An investment property with book value of P250,000 and realizable value of P150,000 secured a loanpayable amounting to P50,000.• Inventory with book value of P500,000 and realizable value of P50,000 secured a note payableamounting to P100.000• Salaries payable and come tax payable amounted to P50,000 and 20,000. respectively. What is the amount received by partially secured creditor?
During the liquidation, the sale of all the assets of liquidated corporation resulted to net proceeds of P500,000. Liquidation expense amounting to P30,000 has been paid at the start of liquidation from the net proceeds of disposal of all assets. Before the liquidation, the following data are provided concerning the financial position of the said financially distressed corporation:• The corporation has total assets with book value of P1,000,000 and deficiency amounting to(P170,000.)• An investment property with book value of P250,000 and realizable value of P150,000 secured a loanpayable amounting to P50,000.• Inventory with book value of P500,000 and realizable value of P50,000 secured a note payableamounting to P100.000• Salaries payable and come tax payable amounted to P50,000 and 20,000. respectively. What is the amount received by partially secured creditor?
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What is the amount received by partially secured creditor?
A. P40,000
B. P60,000
C. P70,000
D. P65,000
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