The following condensed balance sheet is presented for the partnership of Dunn, Lott, and Tyler who share profits and losses in the ratio of 7:2:1, respectively. Cash$30,000 Other assets 150,000 $180,000 Liabilities$60,000 Dunn, Capital 50,000 Lott, Capital 40,000 Tyler, Capital 30,000 $180,000 The partners agreed that the partnership would be liquidated after selling the other assets. All partners are personally insolvent. What would each of the partners receive if the other assets are sold for $70,000? Dunn Lott TylerA$6,000 $24,000 $22,000 B$0 $21,000 $19,000 C$50,000 $40,000 $30,000 D$0 $20,000 $20,000
A. Option A
B. Option B
C. Option C
D. Option D
Answer: D
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