Part Two: Circular File's book value and market value balance sheets are given below: Net working capital Fixed assets Total assets S20 $80 $100 Bonds Common stock Total Liabilities 50 50 $100 Bonds 25 Net working capital Fixed assets Total assets $20 $10 $30 Common stock Total Liabilities $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 S20 cash. Unfortunately the fixed assets fetch only $6 on the secondhand market. The $26 cash is invested in Treasury bills. (4 points) The lenders agree to extend the maturity of their loan from one year to two in order to give Circular a chance to recover.(4 points) c