Question 4 (3 points) a Tony wanted to open a barber shop called "Clippers". He received a $60,000 loan from the bank with no security. He found a location and opened his barber shop. After six months he needed more money to pay his expenses (e.g. rent, utilities, salaries) so his mother loaned him $40,000. This helped for a short time but bills started to pile up again. Tony's girlfriend loaned him $20,000. E wasn't long before Tony ran out of money again. Tony admitted to himself that the business was not viable, and he voluntarily assigned himself into bankruptcy. The total value of assets available in the bankruptcy is $40,000. Assuming there are no other creditors, how much would each creditor (i.e. bank, mother and girlfriend (now ex-girlfriend)) be entitled to from the total non-exempt assets? Please show your calculations as to how you arrived at your answer. Since you do not have a calculator, you DO NOT have to show the precise figure if a mathematical calculation is required. a Question 4 (3 points) a Tony wanted to open a barber shop called "Clippers". He received a $60,000 loan from the bank with no security. He found a location and opened his barber shop. After six months he needed more money to pay his expenses (e.g. rent, utilities, salaries) so his mother loaned him $40,000. This helped for a short time but bills started to pile up again. Tony's girlfriend loaned him $20,000. E wasn't long before Tony ran out of money again. Tony admitted to himself that the business was not viable, and he voluntarily assigned himself into bankruptcy. The total value of assets available in the bankruptcy is $40,000. Assuming there are no other creditors, how much would each creditor (i.e. bank, mother and girlfriend (now ex-girlfriend)) be entitled to from the total non-exempt assets? Please show your calculations as to how you arrived at your answer. Since you do not have a calculator, you DO NOT have to show the precise figure if a mathematical calculation is required. a