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The recession has hit hard and your widget corporation business is bleeding cash. You have...

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Accounting

The recession has hit hard and your widget corporation business is bleeding cash. You have decided to close the business and you have found other work. You are the sole shareholder of the corporation. You have two kids and a spouse. These are your assets: 1. One million dollars in your 401k. 2. One jointly held homestead with a FMV of 300k and a mortgage owing to Bank Two in the amount of 30k. 3. A classic 1972 Ford Pinto with a FMV of $500 4. A new 2023 Tesla with a FMV of 50k with a lien of 45k. 5. Household goods and furniture FMV of 4k. 6. Watch valued at 1k 7. Tuition Savings account with 10k on deposit. 8. Two jet skis valued at 5k each owned without any liens. 9. Two gold wedding bands valued at 5k. 10. 10K in your checking account. 11. The business has 100k in equipment with 50k in liens. These are your monthly expenses: 1. House payment with taxes and insurance is $1,800. 2. Tesla payment is $800 3. Household expenses are 2k, includes food, electric, heat & car insurance. 4. You owe 200k in credit ca

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