A Company that was formed to be liquidated had the following liabilities:
Income Taxes $ 10,000
Notes Payable Secured by land $ 100,000
Accounts Payable $ 50,000
Salaries payable (12,000 for Employee #1 and $ 2,000 for Employee # 2) $ 14,000 Administrative expenses and 20,000 for liquidation
The company had the following Assets: Book Value Fair Value
Current Assets $100,000 $95,000
Land $ 50,000 $ 75,000
Building $150,000 $ 200,000
Assets available for Unsecured Creditors after payment of liabilities with priorty are calculated to be what amount?
$ 247,050
$ 275,000
$ 226,000
$ 251,275
$ 251,000