Merideth Harper has invested $25,000 in Southwest Development Company. The firm has recently declared bankruptcy and has $60,000 in unpaid debts. Explain the nature of payments, if any, by Ms. Harper in the following situation.
a) Southwest Development Company is a sole proprietorship owned by Ms. Harper.
b) Southwest Development Company is a 50-50 partnership of Ms. Harper and Christopher Black.
c) Southwest Development Company is a corporation.
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