TYLER company, has sustained heavy losses over a period of time and conditions warrant that TYLER undergo a quasi reorganization on December 31, 2012. *Inventory with cost of P26,000,000 was recorded on December 31, 2012 at its market value of P24,000,000. *Property, Plant & Equipment were recorded on December 31, 2012 at P48,000,000, net of accumulated depreciation. The sound value was P32,000,000. *On December 31, 2012, the share capital is P28,000,000 consisting of 2,800,000 shares with par value of P10, the share premium is P6,400,000, and the deficit in retained earnings is P3,600,000. *The par value of the share is to be reduced from P10 to P5. Immediately after the quasi-reorganization, what is the total shareholders’ equity?

The following were recognized during the current fiscal year by Kool Corporation: Loss on early extinguishment of noncurrent debt $30,000 Depreciation expense 18,000 Correction of understated expenses in the prior period 15,000 Losses related to a strike 24,000 Impairment of goodwill 3,400 What net amount of the above items should be included in income from continuing operations? A. $(72,000) $(51,400) $(90,400) D. $(75,400) B. C.

71. Subject  :- Accounting

7 DUFFLE Corp. had the following data ascertained before liquidation: Total book value of the assets were P250,000. The book value of the inventories, P80,000 had an excess in the amount of P26,000 over its estimated fair value. The equipment’s estimated fair value had an excess in the amount of P2,500 over its book value of P120,000. Included in the book value of the assets was prepaid expenses of P18,000 which was considered worthless. Other assets not mentioned above have an estimated fair value which was P15,000 less than its book value. Total liabilities were P200,000. The accounts payable in the amount of P70,000 was secured by the inventories while the notes payable in the amount of P95,000 was secured by the equipment. Other liabilities not mentioned includes salaries and taxes in the amount of P12,500. what is the estimated recovery percentage for the notes payable?  Group of answer choices  96.14%  95.90%  100%  96.43%