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what amount should Michael receive in the final settlement

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Problem - A partnership has assets of cash of $10,000 and equipment with a book value of $160,000. All liabilities have been paid. The partners' capital accounts are as follows Michael $80,000, Gregory $60,000 and Phillips $30,000. The partners share profits and losses on a 413:3 basis. If the equipment is sold for $100,000 and there are no liquidation expenses what amount should Michael receive in the final settlement?

a. $10,000.

b. $18,000.

c. $20,000.

d. $56,000.

e. $62,000.

Reference no: EM132684152

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