The Walston Company is to be liquidated and has the following liabilities. Book

Question

The Walston Company is to be liquidated and has the following liabilities. Book Value Fair Value Income Taxes $8,000 Current Assets $80,000 $35,000 Notes Payable $120,000 Land $100,000 $90,000 Accounts Payable $85,000 Buildings & Equipment $100,000 $110,000 Salaries Payable $6,000 Bonds Payable $70,000 Administrative Expenses $20,000 How much money will the holder's of the notes payable collect following liquidation? The Walston Company is to be liquidated and has the following liabilities. Book Value Fair Value Income Taxes $8,000 Current Assets $80,000 $35,000 Notes Payable $120,000 Land $100,000 $90,000 Accounts Payable $85,000 Buildings & Equipment $100,000 $110,000 Salaries Payable $6,000 Bonds Payable $70,000 Administrative Expenses $20,000 How much money will the holder's of the notes payable collect following liquidation?

Explanation / Answer

The Walston Company is to be liquidated and has the following liabilities. Book

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