3. The following data were taken from the statement of affairs of Malakas Company: Book Value Fair Value Book Value Assets: Liabilities: Cash P6,000 Accounts payable Wages payable (all have priority)...

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Extracted text: 3. The following data were taken from the statement of affairs of Malakas Company: Book Value Fair Value Book Value Assets: Liabilities: Cash P6,000 Accounts payable Wages payable (all have priority) P6,000 P95,000 Accounts receivable 60,000 60,000 Inventories 90,000 65,000 9,500 Land 14,000 Taxes Payable Notes payable (secured by AR 100,000 80,000 Building (net) Equipment (net) 220,000 160,000 and Inventories) 190,000 100,000 Interest on notes payable Bonds payable (secured by 250,000 5,000 land and buildings) 220,000 11,000 Interest on bonds payable What is the estimated deficiency to unsecured creditors? • P73,000 • P73,500 • P68,000 • P68,500