31. Xun, Yue and Zhuo have interests in XYZ Partnership. Partnership income for the year is $296,000. The partnership agreement specifies that Xun is to receive an annual salary of $200,000, Yue is to receive an annual salary of $50,000, and Zhuo is to receive an annual salary of $120,000. Any remaining income or loss is to be divided between the three partners in a 2:1:1 ratio. Salaries are to be proportionately implemented. Partnership income allocated to Xun is:

a. $172,000

b. $163,000

c. $160,000

d. $200,000

32. A company has the following balance sheet:

Plant and equipment	$500,000	Loans payable	$150,000
		Mortgage payable	300,000
	_______	Shareholders equity	50,000
Total	$500,000	Total	$500,000

The plant and equipment has a realizable value of $350,000, and is pledged as security for the mortgage. The estimated deficiency to unsecured creditors is:

a. $ 50,000

b. $100,000

c. $150,000

d. $200,000

33. A company has the following balance sheet:

Inventory	$ 60,000	Accounts payable	$ 75,000
Equipment, net	150,000	Loan payable	180,000
	_______	Shareholders equity	(45,000)
Total	$210,000	Total	$210,000

The inventory has a realizable value of $50,000, and the equipment has a realizable value of $140,000. The equipment secures the loan payable and the accounts payable are unsecured. The estimated deficiency to unsecured creditors is:

a. $115,000

b. $ 45,000

c. $140,000

d. $ 65,000