Question #1:

The following data were taken from the statement of affairs of MAMBA Corp: Stockholders' equity 441,000 Bonds payable without security 735,000 Salaries 50,000 Loss on asset realization 551,250 Accounts payable without security 367,500 Taxes 72,500 Trustee expenses 55,125The following data were taken from the statement of affairs for Willie Corp. Assets Pledged for fully secured liabilities (fair value P150300) Assets pledged to partially secured liabilities (fair values, P104.000) Free Assets (fair value, P80,000) Unsecured liabilities with priority Fully Secured liabilities Partially secured liabilities Unsecured liabilities without priority 1 80.000 1 48,000 1 40.000 1 4.000 60.000 1 20,000 230,000