References Problem 13-29 (Static) (LO 13-4, 13-7) Shi Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,200 in free cash. The following debts, totaling $43,050, remain: Government claims to unpaid taxes $ 7,000 Salary during last month owed to Mr. Key (not an officer) 19,200 Administrative expenses 3,450 Salary during last month owed to Ms. Rankin (not an officer) 5,850 Unsecured accounts payable 7,550 Indicate how much money will be paid to the creditor associated with each debt. Administrative expenses 53 3,450 Salary during last month owed to Mr. Key and Ms. Rankin $ 18,700 Government claims to unpaid taxes 38 4,425 5 Problem 13-38 (Static) (LO 13-10) 7 The Larisa Company is exiting bankruptcy reorganization with the following accounts: points Book Value Fair Value Receivables 5 80,000 $ 90,000 Inventory 200,000 210,000 Buildings 300,000 400,000 Liabilities 300,000 300,000 Common stock 330, 000 Additional paid-in capital 20, 000 Retained earnings (deficit) (70, 000 ) The company's assets have a $760,000 reorganization value. As part of the reorganization, the company's owners transferred 80 percent of the outstanding stock to the creditors. Prepare thejournal entry (or entries) necessary to adjust the company's records to fresh start accounting. (If no entry is required for a transactionl'event, select "No journal entry required" in the first account field.) 0 Answer is not complete. 1 1 Receivables 9 10,000 9 Inventory 9 10,000 9 Buildings 0 100,000 9 Goodwill a 60,000 9 2 2 Additional paid-in capital 9 70,000 9 Retained earnings 0 be51e07h.Ch24.13 beSleD7hg'be 51e07h.Ch24.13 _ Wrong "Check My Work" Clicked: 1 Time Check My Work In the movie The Hangover Part2, Stu, the character played by actor Ed Helms, wakes up ' with a facial tattoo identical to that boxer Mike Tyson, who also appears in the lm. Before - the movie was released, the artist who designed and tattooed Mr. Tyson sued Warner Brothers in federal court for infringement. The suit delayed release of the lm for several I months, and prevented the studio from showing the tattooed actor in trailers or clips of the - lm. The suit was later settled for an undisclosed amount, and the movie was then released intact. What would be the best form of protection for the intellectual property in a tattoo? O a. Trademark O b. Copyright (Q C. Utility Patent 0 Q d. Design Patent Hide Feedback Check My Work 0! Icon Key An appraiser valued a subsidiary of Signal Co. at between $230 million and $260 million. One month later, Burmah Oil offered to buy the subsidiary at $480 million, giving Signal only three days to respond. The board of directors accepted the offer without obtaining an updated valuation of the subsidiary or determining if other companies would offer a higher price. Members of the board were sophisticated, with a great deal of experience in the oil industry. A Signal Co. shareholder sued to prevent the sale. Is the Signal board protected by the business judgment rule? O a. No, because they violated the duty of loyalty. O b. No, because they violated both the duty of care and the duty of loyalty. O c. Yes, because they acted in good faith. (Q d. No, because they violated the duty of care. 0 Hide Feedback Marley owns 10% of the common stock in Hometown Industries, Inc., and Cecil and Jonathan each own 45%. Both Cecil and Jonathan sit on Hometown's Board of Directors (BOD) and are paid officers, while Marley is only a shareholder with no other role in the company. Hometown has not paid dividends to shareholders in a number of years, despite the company's financial success. When Marley questions the lack of distributions, Cecil points out that any profits have been reinvested in the company. Jonathan shows Marley how the use of company profits has improved and strengthened the business, resulting in its current success. Knowing Marley is unhappy, Cecil and Jonathan offer to purchase all of Marley's shares in the company for $25 per share. Marley believes his stock is worth much more, and asks to inspect Hometown's corporate books, but Cecil and Jonathan refuse. Does Marley have a right to inspect Hometown's corporate books? O a. No, because Marley is a minority shareholder. O b. No, because Marley lacks a proper purpose. X O c. Yes, because Marley is a shareholder. O d. Yes, because Marley's request is related to his interest as a shareholder