Response to the following questions:
1.If a debt is restructured through a modification of terms, explain how the gain on restructuring is determined when the restructuring is not under bankruptcy law versus one that is.
2.Distinguish between a corporate reorganization and a liquidation as provided for under bankruptcy law.
3.Explain how the claims of fully secured and partially secured creditors affect the dividend that may be received by unsecured creditors.
4.Explain what purpose the statement of realization and liquidation serves.