5. Vasilika, Lily, and Denise decide to liquidate their partnership. All assets are sold for cash and all

the liabilities are paid. After this, their capital balances are: Vasilika - $27,000; Lily - ($12,000);

Denise - $43,000. Their profit/loss percentages are: Vasilika - 30%; Lily - 40%; Denise - 30%. Lily

is unable to contribute any assets to reduce her deficit. How much cash will Vasilika receive as a

result of the partnership liquidation?

1. $15,000
2. $23,400
3. $21,000
4. $27,000
5. None of the above.