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The following amounts are disclosed in a statement of financial affairs created for an insolvent...

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Accounting

The following amounts are disclosed in a statement of financial affairs created for an insolvent corporation
that is beginning the process of liquidation. All assets are shown at net realizable values.
Required:
a. The company owes $27,000 on an account payable to an unsecured creditor (without priority). How
much money can this creditor expect to collect?
b. The company owes $148,000 to a bank on a note payable that is secured by a security interest
attached to property with an estimated net realizable value of $104,000. How much money can the
bank expect to collect?
Answer is complete but not entirely correct.
image

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