The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet:
Cash 16,000
Noncash asset 434,000
Total - 450,000
Liability-150000
Abrams-80,000
Bartle - 90,000
Creighton-130,000
total - 450,000
Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000.
The noncash assets were sold for $134,000. Which partner (s) would have had to contribute assets to the partnership to cover a deficit in his or her capital account, prior to considering the liquidation expenses incurred?
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