Sparkman Co. filed a bankruptcy petition and liquidated its noncash assets. Sparkman was paying forty cents on the dollar for unsecured claims. Bailey Co. held a mortgage of $150,000 on land that was sold for $110,000. The total amount of payment that Bailey should have received is calculated to be
A) $110,000.
B) $44,000.
C) $126,000.
D) $150,000.
E) $60,000.
Correct Answer:
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