Sea Green Enterprises reports the following assets and liabilities on its balance sheet.

	Net Book Value			Fair Market Value
Assets	$320,000			$480,000
Liabilities	96,000			96,000

Sea Green just lost a product liability lawsuit, with damages of $4,800,000 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 has a policy ceiling of $2,880,000.

Assume any net assets of the company will be used to reduce the judgment.

What is the amount of liability of Sea Green Enterprises and its owners if the business entity is a sole proprietorship, a partnership, a C corporation, and an S corporation?

If an amount is zero, enter "0".

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a. If the form of the business entity is a sole proprietorship, the owner is ultimately liable for $fill in the blank 5ac94c0b7fabfcd_1.

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b. If the form of the business entity is a partnership, the partnership and the general partners are ultimately liable for $fill in the blank ea27dd060fc3ff3_1.

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c. If the form of the business entity is an LLC, legal liability for its debts

are not limitedis limited to its its assets

. Therefore, the members of the LLC

have nohave

personal liability for the $fill in the blank 6617bd047fc201d_3.

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d. If the form of the business entity is a C corporation, the C corporation has limited liability of

$0$320,000$480,000$1,920,000

. The plaintiff

can sue the shareholders for any unpaid liabilitywill share with the other creditors with respect to claims against the assets

. The shareholders of the C corporation

are liablehave no personal liability

for the remaining corporate debts.

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e. If the form of the business entity is an S corporation, the S corporation and its shareholders are treated like

a partnership in part (b)a C corporation in part (c)

.