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Pierre Imports will be liquidated. Its current balance sheet is shown below. Fixed assets are sold for $1,000,000 and current assets are sold for...

Pierre Imports will be liquidated. Its current balance sheet is shown below. Fixed assets are sold for $1,000,000 and current assets are sold for $600,000. All fixed assets are pledged as collateral for mortgage bonds. Subordinated debentures are subordinate only to notes payable. Trustee costs are $100,000.

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