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A statement of financial affairs created for an insolvent corporation that is beginning the process of liquidation discloses the following data (assets are shown at net realizable values):

Assets pledged with fully secured creditors	220,000
Fully secured liabilities	160,000
Assets pledged with partially secured creditors	390,000
Partially secured liabilities	510,000
Assets not pledged	310,000
Unsecured liabilities with priority	182,800
Accounts payable (unsecured)	400,000

This company owes $120,000 to a bank on a note payable that is secured by a security interest attached to property with an estimated net realizable value of $90,000. How much money can this bank expect to collect?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92821065

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