15. Dun-For Company has filed for Chapter 7 liquidation on March 31 of the current year. On the Statement of Financial Affairs for Dun-For Company, where will the account entitled Estimated Deficiency" be located? A. It is classified with the assets pledged with fully secured creditors B. It is classified as part of liabilities with priority. C. It is classified as part of liabilities owed to unsecured creditors. D. It is classified as part of Free Assets. 16. Dun-For Company was formed as partnership on January 1 of the current year with 2 partners: Smith and Wesson. Each partner contributed $100,000 to begin the partnership. On December 1 of the current year, the partners agreed to admit Winchester as a partner, with Winchester contributing $50,000 in cash as well s bringing specialized knowledge and skill:s to the partnership. Winchester is to be given a 33% interest in the partnership. How should the admission of Winchester be recorded in the accounting records of the partnership? A. If the partnership is a Subchapter S Corporation, no entry is required. B. If the partnership is a LLP, then legally the partnership must be converted into a LLC. Legally, the partnership is dissolved and Winchester will become a partner of a newly formed partnership. Winchester's interest may be recorded using either the bonus method or the goodwill method. D. If Smith and Wesson prepared Articles of Partnership when they started the partnership on January 1, then the Articles of Partnership would control the interest Winchester could be given