QUESTION THREE (20 marks) You, Bea Calm, work at Ernst & Waterhouse Limited (\"E&W), Receivers and Trustees in Bankruptcy. Unlike many of your colleagues, you took additional business law courses in your undergraduate degree. Accordingly, when an issue arises that requires some further legal insight and analysis, you are called upon to prepare a detailed memorandum that identifies the legal issues, cites and applies the relevant law, analyzes the situation and provides practical advice as to how best to proceed. The following file has come to your attention: Bankruptcy File 2024-153 Elvis Staples has assigned himself to bankruptcy. Six months before the assignment into bankruptcy, Elvis had paid his wife $37,000. She alleged that it was repayment of a debt. Elvis also transferred to his wife a boat worth between $8,000 and $11,000. He performed renovations worth $20,000 for a person from whom his wife purchased a home although there is no record of this. There was also an issue raised with respect to the amount of $13,400 due and owing from Elvis's former wife. This amount for some reason was \"forgiven\" by Elvis. The chartered professional accountant/Trustee handling this file wants to know if there are issues with respect to any of these transactions and how he should proceed. The Trustee understands that he is under an obligation to account for the assets of the bankrupt for the unsecured creditors. (Analyze and advise)