Fact Pattern: December 31 balance sheet accounts of the Dan, Jim, and Mary Partnership follow: Cash...

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Fact Pattern: December 31 balance sheet accounts of the Dan, Jim, and Mary Partnership follow: Cash Inventory Plant assets - net Accounts payable Dan, capital Jim, capital Mary, capital $ 20,000 120,000 300,000 170,000 100,000 90,000 80,000 The partners' profit and loss percentages are Dan, 50%, Jim, 30%; and Mary, 20%. On January 1 of the next year, the partners decide to liquidate the partnership. They agree that all cash should be distributed as soon as it becomes available during the liquidation process. They also agree that a cash predistribution plan is necessary to facilitate the distribution of cash. If cash of $220,000, including the $20,000 cash on hand, becomes available, it should be distributed in accordance with the cash predistribution plan. How much should be distributed to the creditors and partners respectively? Creditors Dan Jim Mary O A. $170,000 $10,000 $32.000 $8,000 O B. O C. $170,000 $170,000 $25,000 $15,000 $10,000 $0 $18,000 $32,000 O D. $170,000 $0 $26,000 $24,000 Fact Pattern: December 31 balance sheet accounts of the Dan, Jim, and Mary Partnership follow: Cash Inventory Plant assets - net Accounts payable Dan, capital Jim, capital Mary, capital $ 20,000 120,000 300,000 170,000 100,000 90,000 80,000 The partners' profit and loss percentages are Dan, 50%, Jim, 30%; and Mary, 20%. On January 1 of the next year, the partners decide to liquidate the partnership. They agree that all cash should be distributed as soon as it becomes available during the liquidation process. They also agree that a cash predistribution plan is necessary to facilitate the distribution of cash. If cash of $220,000, including the $20,000 cash on hand, becomes available, it should be distributed in accordance with the cash predistribution plan. How much should be distributed to the creditors and partners respectively? Creditors Dan Jim Mary O A. $170,000 $10,000 $32.000 $8,000 O B. O C. $170,000 $170,000 $25,000 $15,000 $10,000 $0 $18,000 $32,000 O D. $170,000 $0 $26,000 $24,000