Alpha Corp

Alpha Corp., about to be liquidated, has the following amounts for its assets and liabilities: The mortgage is secured by the land and building, and the note payable is secured by the equipment. Alpha expects that the expenses of administering the liquidation will total $45,000.How much should the mortgage holder expect to collect from the liquidation?

A) $570,000
B) $600,000
C) $550,000
D) $640,000
E) $478,000