Numbers 6, 7 and 8 AB Corp. is experiencing financial difficulty and about to liquidate. The following data were available: Book value of assets: Cash 150,000 200,000 800,000 Inventories Land...

Extracted text: Numbers 6, 7 and 8 AB Corp. is experiencing financial difficulty and about to liquidate. The following data were available: Book value of assets: Cash 150,000 200,000 800,000 Inventories Land Stockholders' equity: Ordinary shares Retained earnings (deficit) 500,000 (325,000) Book value of the liabilities of AB Corp. consists of accounts payable, salaries payable, loan payable, and mortgage payable. The loan payable in the amount of P300,000 1f1 is secured by the inventories. The mortgage payable in the amount of P450,000 is secured by the land with an estimated market value of P400,000. Total liabilities with priority was P200,000 (including P50,000 estimated liquidation expenses and salaries to employees). The holder of the mortgage payable received P440 000 at the end of liquidation. 6. What is the estimated deficiency?