Jake, a CPA, has prepared a statement of affairs. Assets which there are no claims or liens are expected to produce P140,000, which must be allocated to unsecured claims of all classes totaling P210,000. The following are some of the claims outstanding:     i.      Accounting fees for Black, P3,000    ii.      An unrecorded note for P2,000, on which P120 of interest has accrued, held by Blue.    iii.      A note for P6,000 secured by P8,000 receivables, estimated to be 60% collectible held by Orange.   iv.      A P3,000 note, on which P60 of interest has accrued, held by Pink. Property with a book value of P2,000 and a market value of P3,600 is pledged to guarantee payment of principal and interest.   v.      Unpaid income taxes P7,000 Compute the estimated payment to partially secured creditors:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Jake, a CPA, has prepared a statement of affairs. Assets which there are no claims or liens are expected to produce P140,000, which must be allocated to unsecured claims of all classes totaling P210,000. The following are some of the claims outstanding:     i.      Accounting fees for Black, P3,000    ii.      An unrecorded note for P2,000, on which P120 of interest has accrued, held by Blue.    iii.      A note for P6,000 secured by P8,000 receivables, estimated to be 60% collectible held by Orange.   iv.      A P3,000 note, on which P60 of interest has accrued, held by Pink. Property with a book value of P2,000 and a market value of P3,600 is pledged to guarantee payment of principal and interest.   v.      Unpaid income taxes P7,000 Compute the estimated payment to partially secured creditors:
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