Reference no: EM132796108
The partnership of Mark, Johnny, and Lucas had the following account balances and percentages for the sharing of profits and losses:
Cash $ 80,000
Noncash assets 205,000
Liabilities 47,000
Mark, Capital (30%) 138,000
Johnny, Capital (40%) 119,500
Lucas, Capital (30%) (19,500)
Problem 1: The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were $5,000. Assuming Lucas is insolvent. How much should be the final cash settlement to Mark and Johnny?
Option a. Mark to receive $127,500 and Johnny to receive 105,500.
Option b. Mark to receive $136,500 and Johnny to receive 117,500.
Option c. Mark to receive $136,500 and Johnny to receive 117,500.
Option d. Mark to receive $138,000 and Johnny to receive 119,500.
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