A company is to be liquidated and has the following liabilities:Income taxes . . . . . . . . . . . .

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A company is to be liquidated and has the following liabilities:Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,000Notes payable (secured by land) . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,000Salaries payable (evenly divided between two employees) . . . . . . . . . 6,000Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000Administrative expenses for liquidation . . . . . . . . . . . . . . . . . . . . . . 20,000The company has the followingassets:
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A company is to be liquidated and has the following