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