The Walston Company will be liquidated and has the following liabilities: Income taxes Notes payable (secured by land) Accounts payable Salaries payable payable (evenly divided employees) Bonds payable Administrative expenses for liquidation The company has the following assets: $9,600 156,000 103,000 between two 24,000 88,000 38,000 Book Value Fair Value Current assets $98,000 $53,000 Land 118,000 108,000 Buildings and equipment 118,000 162,000 How much money will the holders of the notes payable collect following liquidation?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The Walston Company will be liquidated and has the following
liabilities:
Income taxes
Notes payable (secured by land)
Accounts payable
Salaries payable
payable (evenly divided
employees)
Bonds payable
Administrative expenses for liquidation
The company has the following assets:
$9,600
156,000
103,000
between
two
24,000
88,000
38,000
Book Value Fair Value
Current assets
$98,000
$53,000
Land
118,000
108,000
Buildings and equipment 118,000
162,000
How much money will the holders of the notes payable collect
following liquidation?
Transcribed Image Text:The Walston Company will be liquidated and has the following liabilities: Income taxes Notes payable (secured by land) Accounts payable Salaries payable payable (evenly divided employees) Bonds payable Administrative expenses for liquidation The company has the following assets: $9,600 156,000 103,000 between two 24,000 88,000 38,000 Book Value Fair Value Current assets $98,000 $53,000 Land 118,000 108,000 Buildings and equipment 118,000 162,000 How much money will the holders of the notes payable collect following liquidation?
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