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A Moving to the next question prevents changes to this answer. Question 47 of 60 Question 47 1.5 points Save Answer Which of the following four statements regarding Estate, Trust, Bankruptcy and Reorganization is correct A. Bankruptcy and Reorganizations both use the Statement of Affairs instead of normal financials B. All Wills and Trusts are effective upon death C. Wills and Trusts are Temporary holding place for the creators income and principle until distribution. A will is still in effect after distribution of all Income and Principle. D. Wills and Testamentary Trusts are effective upon death of the creator; however, Intervivos Trusts are effective during the life time of the creator. The statement of Charge and Discharge are used to account for the creators estate via a will and the Statement of Affairs is used to account for the liquidation of assets in a bankruptcy. A Moving to the next question prevents changes to this answer Question 47 of 60 Question 48 2 points Save Answer A local partnership has assets of cash of $5,000 and a building recorded at $80,000. All liabilities have been paid. The partners capital accounts are as follows Harry $40,000, Landers $30,000 and Waters 15,000. The partners share profits and losses 3:34. If the building sold for $25,000, how much cash will Harry receive in the final settlement? $16,000 O $17,500 $23,500 $18,000 A Moving to the next question prevents changes to this answer. Question 48 of 60