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See the attachment Louis XIV is a shareholder in Battle of Versailles Corp. Louis purchased 10,000 shares of $10 par-value common stock from Battle of
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Louis XIV is a shareholder in Battle of Versailles Corp. Louis purchased 10,000 shares of $10 par-value common stock from Battle of Versailles Corp for $10 per share. Louis paid the corporation $50,000 for the stock. Battle of Versailles Corp. subsequently paid Louis a $5,000 dividend out of capital at a time when it was insolvent and it owed $200,000 to Marie's Battalion Co. The corporation never paid Marie's Battalion Co. Under these facts, Louis has personal liability to the corporation or Marie's Battalion Co. for: $5,000 $0 $200,000 $55,000Step by Step Solution
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