Liability comparisons Merideth Harper has invested $25,000 in Southwest Development Company. The firm has recently declared bankruptcy and has $60,000 in unpaid debts. Explain the nature of payments, if any, by Ms. Harper in each of the following situations. Southwest Development Company is a sole proprietorship owned by Ms. Harper. Southwest Development Company is a 50-50 partnership of Ms. Harper and Christopher Black. Southwest Development Company is a corporation. If Southwest Development Company is a sole proprietorship owned by Ms. Harper,: (Select the best answer below.) Ms. Harper has limited liability, which guarantees that she cannot lose more than the $25,000 she invested. Ms. Harper has limited liability, which is the amount of $60,000 in unpaid debts. Ms. Harper has unlimited liability, which means creditors can only claim against the $25,000 she invested. Ms. Harper has unlimited liability, which means creditors can claim against her personal assets. If Southwest Development Company is a 50-50 partnership of Ms. Harper and Christopher Black,: (Select the best answer below.) Ms. Harper has limited liability, which guarantees that she cannot lose more than the $25,000 she invested. Ms. Harper has unlimited liability, which means creditors can only claim against the $25,000 she invested. Ms. Harper has unlimited liability, which means creditors can claim against her personal assets. Ms. Harper has limited liability, which is $30,000, or half of the $60.000 in unpaid debts. If Southwest Development Company is a corporation,: (Select the best answer below.) Ms. Harper has unlimited liability, which means creditors can claim against her personal assets. Ms. Harper has limited liability, which guarantees that she cannot lose more than the $25,000 she invested. Ms. Harper has limited liability, which is the amount of $60,000 in unpaid debts. Ms. Harper has unlimited liability, which means creditors can only claim against the $25,000 she invested