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Problem 18-04 (LO. 2) Sea Green Enterprises reports the following assets and liabilities on its balance sheet. Fair Market Value Net Book Value $600,000 200,000
Problem 18-04 (LO. 2) Sea Green Enterprises reports the following assets and liabilities on its balance sheet. Fair Market Value Net Book Value $600,000 200,000 Assets $925,000 Liabilities 200,000 Sea Green has just lost a product liability suit, with damages of $10,000,000 being awarded to the plaintiff. Although Sea Green will appeal the judgment, legal counsel indicates the judgment is highly unlikely to be overturned by the appellate court. The product liability insurance carried by Sea Green includes a payout ceiling of $6,000,000 For how much of the judgment is the entity and its owners liable if Sea Green is a sole proprietorship, a partnership, a C corporation, and an S corporation? If an amount is zero, enter "O". a. If the form of the business entity is a sole proprietorship, the owner is ultimately liable for s3,275,000 Feedhachk the partnership is uitimately liable fors3,275,000 and th rners are ultimately liable for
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