#21The trustee for John Corp. prepares a statement of affairs which shows that unsecured creditors whose claims total P540,000 may expect to receive approximately P405,000 if assets are sold for the benefit of creditors.Danielle Corp. holds a note for P22,500 on which interest of P1,350 is accrued, property with a book value of P18,000 and a realizable amount of P27,000 is pledged on the noteRandolph, an employee is owed P6,750 for his salaryBaltimore Corp. holds a note of P54,000 on which interest of P2,700 is accrued, securities with a book value of P58,500 and a realizable amount P45,000 is pledged on the noteNick Corp. holds a note for P9,000 on which interest of P500 is accrued, nothing has been pledged for the noteHow much may each of the following creditors receive?Group of answer choicesP23,850; P6,750; P53,775; P7,125P27,000; P6,750; P53,775; P0P23,850; P6,750; P56,700; P7,125P27,000; P6,750; P56,700; P0

A. P23,850; P6,750; P53,775; P7,125

Answered: #21 The trustee for John Corp.…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 12MC: (Appendix 14.1)Pamlico Company has a 500,000, 15%, 3-year note dated January 1, 2019, payable to...

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#21

The trustee for John Corp. prepares a statement of affairs which shows that unsecured creditors whose claims total P540,000 may expect to receive approximately P405,000 if assets are sold for the benefit of creditors.

Danielle Corp. holds a note for P22,500 on which interest of P1,350 is accrued, property with a book value of P18,000 and a realizable amount of P27,000 is pledged on the note
Randolph, an employee is owed P6,750 for his salary
Baltimore Corp. holds a note of P54,000 on which interest of P2,700 is accrued, securities with a book value of P58,500 and a realizable amount P45,000 is pledged on the note
Nick Corp. holds a note for P9,000 on which interest of P500 is accrued, nothing has been pledged for the note

How much may each of the following creditors receive?

Group of answer choices

P23,850; P6,750; P53,775; P7,125

P27,000; P6,750; P53,775; P0

P23,850; P6,750; P56,700; P7,125

P27,000; P6,750; P56,700; P0

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