Voluntary settlementsPayments Jacobi Supply Company recently ran into certain financial difficulties that have resulted in the initiation of voluntary settlement procedures. The firm currently has $190,000 in outstanding debts and approximately $95,000 in liquidatable short-term assets. Indicate, for each of the following plans, whether the plan is an extension, a composition, or a combination of the two. Also indicate the cash payments and timing of the payments required of the firm under each plan. a. Each creditor will be paid 42 cents on the dollar immediately, and the debts will be considered fully satisfied. b. Each creditor will be paid 76 cents on the dollar in two quarterly installments of 60 cents and 16 cents. The first installment is to be paid in 90 days. c. Each creditor will be paid the full amount of its claims in three installments of 50 cents, 25 cents, and 25 cents on the dollar. The installments will be made in 60-day intervals, beginning in 60 days. d. A group of creditors with claims of $47,000 will be immediately paid in full; the rest will be paid 81 cents on the dollar, payable in 90 days. a. Each creditor will be paid 42 cents on the dollar immediately, and the debts will be considered fully satisfied. The settlement is Creditors will be paid $ now. (Select from the drop-down menus.) b. Each creditor will be paid 76 cents on the dollar in two quarterly installments of 60 cents and 16 cents. The first installment is to be paid in 90 days. The settlement is Creditors will be paid $ in 90 days and $ in 180 days. (Select from the drop-down menus.) c. Each creditor will be paid the full amount of its claims in three installments of 50 cents, 25 cents, and 25 cents on the dollar. The installments will be made in 60-day intervals, beginning in 60 days. The settlement is Creditors will be paid $ in 60 days, $ Vin 120 days, and $ in 180 days. (Select from the drop-down menus.) d. A group of creditors with claims of $47,000 will be immediately paid in full; the rest will be paid 81 cents on the dollar, payable in 90 days. The settlement is Some creditors will be paid $ now and the remaining creditors will be paid $ in 90 days. (Select from the drop-down menus.)