Problem $2-17$ Market Value versus Book Value $($LG$2-2)$

Muffin's Masonry Incorporated's balance sheet lists net fixed assets as $$32$ million. The fixed assets could currently be sold for $$55$

million. Muffin's current balance sheet shows current liabilities of $$14\mathrm{.}5$ million and net working capital of $$13\mathrm{.}5$ million. If all the current

accounts were liquidated today, the company would receive $$8\mathrm{.}15$ million cash after paying the $$14\mathrm{.}5$ million in current liabilities.

What is the book value of Muffin's Masonry's assets today and the market value of these assets?

Note: Enter your answers in millions of dollars rounded to $2$ decimal places. $($i$.$e$.,$ Enter $5,500,000$ as $5\mathrm{.}50.)$

Answer is complete but not entirely correct.Muffin$$s Masonry Incorporated$$s balance sheet lists net fixed assets as $$32$ million. The fixed assets could currently be sold for $$55$ million. Muffin$$s current balance sheet shows current liabilities of $$14\mathrm{.}5$ million and net working capital of $$13\mathrm{.}5$ million. If all the current accounts were liquidated today, the company would receive $$8\mathrm{.}15$ million cash after paying the $$14\mathrm{.}5$ million in current liabilities.

What is the book value of Muffin$$s Masonry$$s assets today and the market value of these assets?

Note: Enter your answers in millions of dollars rounded to $2$ decimal places. $($i$.$e$.,$ Enter $5,500,000$ as $5\mathrm{.}50.)$