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Harry and George have formed Popular Foods and Lively Potations, Inc. (PFLP), a California C Corporation. Harry has contributed $100,000 and owns 25% of the

Harry and George have formed Popular Foods and Lively Potations, Inc. (PFLP), a California C Corporation. Harry has contributed $100,000 and owns 25% of the outstanding shares, and George has contributed $300,000 and owns 75%. The business fails and PFLP owes Gotham Bank $100,000, but the company has no assets other than $10,000 in cash. What can the bank collect fromPFLP?

Select one:

a.$0

b.$10,000

c.$90,000

d.$100,000

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