Part Two: Circular File's book value and market value balance sheets are given below: Book value balance sheet Net working capital Fixed assets Total assets $20 $80 $100 Bonds Common stock 50 Total Liabilities $100 50 Market value balance sheet Net working capital$20 Fixed assets Total assets Bonds Common stock 5 Total Liabilities $30 25 $10 $30 The market value of bonds is less than their face value of $50. So the firm is in financial distress. List whether bondholders, shareholders, or both, gain or lose from the following maneuvers? a. Circular scrapes up $5 in cash and pays a cash dividend. (4 points) b. Circular halts operations, sells its fixed assets, and converts net working capital into $20 cash. Unfortunately the fixed assets fetch only $6 on the secondhand market. The $26 cash is invested in Treasury bills. (4 points)