Siera, Lani, and Cecilia are partners in an equipment leasing business that has not been able to generate the type of revenue expected by the partners. They share profits and losses in a ratio of 5:3:2, respectively. They have decided to liquidate the business and have sold all the assets except for one piece of heavy machinery. All the partners are personally insolvent. The machinery has a book value of $90,000, and the partners have capital balances as follows: Siera, Capital$40,000 Lani, Capital$20,000 Cecilia, Capital$30,000 Each of the following is an independent case.Refer to the information given above. What amount of cash will each partner receive as a liquidating distribution if the machinery is sold for
$14,000? SieraLaniCeciliaA.$2,000 $2,800 $14,800 B.$2,000 $0 $14,000 C.$0 $0 $14,000 D.$0 $0 $16,000
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
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