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Liability comparisons John Bailey invested $50,000 in The Entertainment Company seven years ago. He is concerned about the future ofthe rm as the prots have

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Liability comparisons John Bailey invested $50,000 in The Entertainment Company seven years ago. He is concerned about the future ofthe rm as the prots have plummeted over the last four years. The rm has $120,000 in outstanding debt and is considering declaring bankruptcy. a. lfJohn is the sole proprietor, describe the nancial implication ofthe rm going bankrupt. b. lfJohn and his brother, Peter, are partners with an equal partnership distribu tion, describe the nancial implication ofthe rm going bankrupt. c. If the rm is a corporation, describe the nancial implication of the rm going bankrupt

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