The Bonus Question Please SHOW YOUR CALCULATIONS (Step by Step) ON BLANK AREAS !!!!!! No cell phone for calculations during the actual test! The following question will be on your Test 1. I suggest you spend some time to contemplate over the question and find the right answer before the test is given. At the time of liquidation (going out of business), Fairfield Company reported assets of $200,000, liabilities of $120,000, common stock of $90,000 and retained earnings of ($10,000). What amount of Fairfield's assets are the shareholders entitled to receive? (Note: Creditors receive first priority in asset Company distribution during a business liquidation) a. $80,000 or vane ata R.C $ 2ou, oou + 10,000 /b. $90,000 Asset = 210,000 c. $100,000 d. $200,000 credidas 120 ouo 40,000 shareholars My Co to the