A statement of financial affairs created for an insolvent corporation that is beginning the process of liquidation

Question:

A statement of financial affairs created for an insolvent that is beginning the process of discloses the following data (assets are shown at net realizable values):
Assets pledged with fully secured creditors . . . . . . . . . . . . . . . . . . $200,000
Fully secured liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Assets pledged with partially secured creditors . . . . . . . . . . . . . . . . 380,000
Partially secured liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 490,000
Assets not pledged . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000
Unsecured liabilities with priority . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000
Accounts payable (unsecured) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,000

a. This company owes $3,000 to an unsecured creditor (without priority). How much money can this creditor expect to collect?
b. This company owes $100,000 to a bank on a note payable that is secured by a security interest attached to property with an estimated net realizable value of $80,000. How much money can this bank expect to collect?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due....