Hopeful Company's balance sheet is as follows: Hopeful Company Balance Sheet, pre-quasi-reorganization Assets Liabilities and Equity Cash $ 60,000 Loans payable Inventories 550,000 common stock, $10 par Property (net) 950,000 Additional paid-in capital Retained earnings Total $1,560,000 Total $1,220,000 550,000 400,000 (610,000 $1,560,000 The company enters into a quasi-reorganization. Pursuant to this plan, inventories are written down by $50,000 and property is reduced by $180,000. The par value of the common stock is reduced to $2/share. At the completion of the quasi-reorganization process, the balance in additional paid-in capital is: Select one: O A $400,000 B. $ 55,000 C. $230,000 D. $0 Hopeful Company's balance sheet is as follows: Hopeful Company Balance Sheet, pre-quasi-reorganization Assets Liabilities and Equity Cash $ 60,000 Loans payable Inventories 550,000 Common stock, $10 par Property (net) 950,000 Additional paid-in capital Retained earnings Total $1,560,000 Total $1,220,000 550,000 400,000 (610.000 $1,560,000 The company enters into a quasi-reorganization. Pursuant to this plan, inventories are written down by $50,000 and property is reduced by $180,000. The par value of the common stock is reduced to $2/share. The balance in the retained earnings account following the quasi-reorganization is: Select one: O A $(610,000) O B. $(840,000) O C$0 D. $(230,000) Chapter 13 of the Bankruptcy Code applies the Select one: O A. reorganization concept to individuals. B. liquidation concept to not-for-profit organizations. C. liquidation concept to individuals. O D. reorganization concept to not-for-profit organizations. A statement of realization shows assets to be realized of $500,000, assets not realized of $300,000, and a loss on realization of $40,000. The amount reported for assets realized is: Select one: A. $240,000 B. $460,000 C. $200,000 D. $160,000