When a Corporation Liquidates, It Performs Three Activities

When a corporation liquidates, it performs three activities. What is the general order of these activities in a plan of liquidation?

A) pay debts, distribute property to shareholders, and wind up its affairs
B) wind up its affairs, pay debts, and distribute property to shareholders
C) wind up its affairs, distribute property to shareholders, pay debts
D) pay debts, wind up its affairs, and distribute property to shareholders

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