Nissan Corporation is undergoing liquidation. On January 1, 2020 its Statement of Financial Position showed th
Nissan Corporation is undergoing liquidation. On January 1, 2020 its
ASSETS
Cash
P 150,000
290,600
Inventory
50,000
Prepaid Expenses
10,400
Building
380,000
80,000
TOTAL
P 961.000
LIABILITIES AND EQUITY
Salaries Payable
P 85,000
Accounts Payable
120,700
Mortgages Payable
428,000
Loan Payable
130,000
Notes Payable
84,300
Ordinary Shares
170,000
Deficit
(57,000)
TOTAL
P961.000
The mortgage payable is secured by the Building having a realizable value of P400,000. Accounts Payable amounting to P75,000 is secured by receivables amounting to P90,600 (P9,900 of which is uncollectible). The balance of receivables which has a realizable value of P187,500 is used to secure the loan payable. Inventory has a realizable value of P41,200. In addition to recorded liabilities are: accrued interest on mortgage payable amounting to P4,280, liquidation expenses amounting P11,300 and taxes amounting to P5.600. Prepaid expenses and goodwill have no realizable values.
What is the total net free assets
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