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Martin Hornung has invested $125,000 in Arctic Development Company. The firm has recently declared bankruptcy and has $460,000 in unpaid debts. Explain the nature of

Martin Hornung has invested $125,000 in Arctic Development Company. The firm has recently declared bankruptcy and has $460,000 in unpaid debts. Explain the nature of payment, if any, by Mr. Hornung in each of the following situations.

Arctic Development Company is a sole proprietorship owned by Mr. Hornung.

Arctic Development Company is a 70-30 general partnership of Mr. Hornung and Amber White.

Arctic Development Company is a 70-30 limited partnership with Mr. Hornung serving as the general partner.

Arctic Development Company is a 70-30 limited partnership with Mr. Hornung serving as the limited partner.

Arctic Development Company is a corporation.

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