A company preparing for a Chapter 7 liquidation has the following liabilities:
• Note payable A of $90,000 secured by land having a book value of $50,000 and a fair value of $70,000.
• Note payable B of $120,000 secured by a building having a $60,000 book value and a $40,000 fair value.
• Note payable C of $60,000, unsecured.
• Administrative expenses payable of $20,000.
• Accounts payable of $120,000.
• Income taxes payable of $30,000.
It has these other assets:
• Cash of $10,000.
• Inventory of $100,000 but with fair value of $60,000.
• Equipment of $90,000 but with fair value of $50,000.
How much will each of the company’s liabilities be paid at liquidation?