Mondesto Company has the following:
Unsecured creditors | $230,000 |
Liabilities with priority | 110,000 |
Secured liabilities: |
|
Debt 1, $210,000; value of pledged asset | 180,000 |
Debt 2, $170,000; value of pledged asset | 100,000 |
Debt 3, $ 120,000; value of pledged asset | 140,000 |
The company also has a number of other assets that are not pledged in any way. The creditors holding Debt 2 want to receive at least $142,000. For how much do these free assets have to be sold so that the creditors associated with Debt 2 receive exactly $142,000?
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