Acme 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.Acme also borrowed $40,000 from Basco Limited and gave Basco a second mortgage.Both mortgages were duly registered.Acme later went into bankruptcy.Below is Acme's most recent Balance Sheet.
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 Acme Co.

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The Answer of Acme 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.Acme also borrowed $40,000 from Basco Limited and gave Basco a second mortgage.Both mortgages were duly registered.Acme later went into bankruptcy.Below is Acme's most recent Balance Sheet.
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 Acme Co.

Acme CoPurchased a New Building for $85,000