Template for Module 3 Activity This will be saved as a WORD document or PDF and be posted to a Blackboard Discussion. You may use this as a template for your assignment. Some steps were skipped in this template. DO NOT SKIP STEPS. SHOW ALL WORK. Answer Page: A. Describe the scenario listing the items and players. Items Person 1 Person 2 Person 3 Person 4 B. Item 1 Item 2 Item 3 Item 4 Item 5 C. Total Bids Fair Share Value of Items Awarded D. Pay to or Receive Amount E. Surplus (Kitty) Share of Surplus F. Final Share G. Describe the reactions of each playerWork Page: Follow the steps below A. Complete the top of the chart with the items, names and bids. For each item, indicate the winner (highlight, circle, etc.) B. For each person, calculate the Fair Share and state the total value of items won. C. Indicate if each person will be paying to the estate or receiving from the estate based on the difference between the fair share and total value of items won. D. Calculate the surplus for the estate and determine each player's share of the surplus. E. State the nal settlement for each player, specially indicating items won, and money to be received or paid. Sample answer page (Note: You are expected to show work for all steps on the Work page) Description of scenario: Doug, Edward, Frank, and George have inherited some furniture from their greatgrandmother's estate and wish to divide the furniture equally among themselves. Use the method of sealed bids to nd a fair division of the furniture. _ Im m M I mm mm Value of Items Awarded $10 0.00 00 $1.,150 00 $850. 00 $300. 00 E I _241- 25 _ $260 I____ Desk and poster bed Dresser and Dining set and and pays Wardrobe and Final Share pays $176 25 $323 75 pays $22 50 $527 50 Reactions: Doug's: Doug was happy to receive the dining set; he felt like a really wanted it more than the other items which is why he put a bid of $1,000 on it. He feels like the $176.25 payout was fair considering George just got the dresser, so the cash to George makes it fair. Edward's: Edward is shocked he received two items from the estate, but he is happy with his nal share. Frank's: Frank thinks that he received a solid deal. He put a hefty bid on the wardrobe that he really wanted, and he only must pay out a small amount. He feels fortunate. George's: George is upset that he got the dresser considering it was his lowest bid item. However, he is happy that he is getting $527.50 because he doesn't have to sell any of the items to get money out of them. Work Page: You will use this page to Show your work. Follow the steps below 1. Complete the top of the chart with the items, names, and to divide the furniture equally among themselves. use the method of sealed bids to find a fair division of the furniture. Items Doug Edward Frank George A. Dresser $280.00 $275.00 $250.00 $300.00 Desk $480.00 $500.00 $450.00 $475.00 Wardrobe $775-00 $800.00 $850.00 $800.00 Dining Set $1,000.00 $800.00 $900.00 $950.00 Poster Bed $500.00 $650.00 $600.00 $525-00 B. Total Bid $3,035.00 $3,025.00 $3,050.00 $3,050.00 Fair Share $758.75 $756.25 $762.50 $762.50 Value of Items Awarded $1,000.00 $1,150.00 $850.00 $300.00 C. Pay to or Receive Pay Pay Pay Receive Amount $241.25 $393-75 $87.50 $462.50 D. Surplus (Kitty) $260 Share of Surplus $65.00 $65.00 $65.00 $65.00 E. Desk and poster bed Dresser and Dining set and and pays Wardrobe and receives Final Share pays $176.25 $328.75 pays $22.50 $527.50 Reactions: Doug's: Doug was happy to receive the dining set; he felt like a really wanted it more than the other items which is why he put a bid of $1,000 on it. He feels like the $176.25 payout was fair considering George just got the dresser, so the cash to George makes it fair. Edward's: Edward is shocked he received two items from the estate, but he is happy with his final share. Frank's: Frank thinks that he received a solid deal. He put a hefty bid on the wardrobe that he really wanted, and he only must pay out a small amount. He feels fortunate. George's: George is upset that he got the dresser considering it was his lowest bid item. However, he is happy that he is getting $527.50 because he doesn't have to sell any of the items to get money out of them. Work Page: You will use this page to show your work. Follow the steps below 1. Complete the top of the chart with the items, names, and bids. For each item, indicate the winner (highlight, circle, etc.) 2. For each person, calculate the Fair Share and state the total value of items won. 3. Indicate if each person will be paying to the estate or receiving from the estate based on the difference between the fair share and total value of items won. 4. Calculate the surplus for the estate and determine each player's share of the surplus. 5. State the final settlement for each player, specially indicating items won, and money to be received or paid