what will be answer

Bell Co. purchased a new building for $85,000. To do so, It borrowed $45,000 from Shapiro Limited and gave Shapiro a first mortgage on the building. Bell also borrowed $40,000 from Basco Limited and gave Basco'a second mortgage. Both mortgages were duly registered. Bell later goes into bankruptcy. Below is Bell's most recent Balance Sheet Assets Liabilities Building $60 000 Shapiro Limited $40 000 Machinery 10 000 Basco Limited 28 000 Office 6 000 Johnson Limited 22 000 Equipment Office 4 000 Smith-Limited 10 000 Supplies Total Assets $80 000 Total Liabilities $100 000 Assuming these figures represent fair market value, indicate the extent to which, according to the Bankruptcy and Insolvency Act, that each of the parties will receive with respect to their outstanding debts owed to them by Bell Co