Provide clear explanation:1. The following transactions were ascertained during bankruptcy of BBB Co.:A mortgage payable of P192,500 is secured by building valued at P15,000 less than its carrying amount of P230,000. Notepayable of P97,500 is secured by furniture and equipment with a carrying amount of P120,000 that is estimated to be 70% unrealizable.Assets not mentioned above have an estimated value of P62,500, an amount that is P15,000 below its carrying amount. Total liabilities notmentioned above total P96,000, including claims with priority of P18,500, interest on mortgage of 2,500 and interest on the note of 800.What is the estimated recovery percentage of the partially secured creditors?а.66.34%b. 69.53%c. 68.23%d. 67.21%What is the estimated loss on realization of assets?а. 66,000b. 114,000С. 30,000d. 99,000What is the estimated payment to creditors without priority?64,005b. 34,792с. 35,874d. 65,125а.

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What is the estimated recovery percentage of the partially secured creditors? a. 66.34% b. 69.53% c. 68.23% d. 67.21% What is the estimated loss on realization of assets? a. 66,000 b. 114,000 c. 30,000 d. 99,000 Vhat is the estimated payment to creditors without priority? а. 64,005 b. 34,792 с. 35,874 d. 65,125

What is the estimated recovery percentage of the partially secured creditors? a. 66.34% b. 69.53% c. 68.23% d. 67.21% What is the estimated loss on realization of assets? a. 66,000 b. 114,000 c. 30,000 d. 99,000 Vhat is the estimated payment to creditors without priority? а. 64,005 b. 34,792 с. 35,874 d. 65,125

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ii