Park JJ loaned P24,000,000 to Chandler & Chris Company. The loan is secured by land situated in North Carolina, U.S.A. with a book value and fair value of P30,000,000 and P18,000,000, respectively? Due to the current financial conditions, Chandler & Chris Company was forced to liquidate. What amount will the Park JJ receive if unsecured creditors receive 30% of their claims?

Answer rating: 100% (QA)

Since the loan is secured by land with a fair value of P18000000 ... View the full answer