Question: Ram holds a $400,000 note receivable from Pat. It has been learned that Pat filed for Chapter 7 bankruptcy and that the expected recovery of

Ram holds a $400,000 note receivable from Pat. It has been learned that Pat filed for Chapter 7 bankruptcy and that the expected recovery of nonsecured claims is 45¢ on the dollar. Inventory items with an estimated recoverable value of $80,000 secure Pat's note payable to Ram.
REQUIRED:
Determine Ram's expected recovery on the note.
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