Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $126,000; total liabilities, $78,000; Turner, Capital, $2,500; Roth, Capital, $14,000; and Lowe, Capital, $31,500. The liquidation resulted in a loss of $76,000.
a. Compute the capital account balance of each partner after the loss from liquidation is allocated.
b. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency.