A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the current time are Bell, capital Hardy, capital Dennard, capital Suddath, capital $57,500 59,000 14,000 83,000 Bell's creditors have filed a $24,000 claim against the partnership's assets. The partnership currently holds assets of $330,000 and liabilities of $116,500. If the assets can be sold for $205,000, what is the minimum amount that Bell's creditors would receive? Multiple Choice $2,000 $0 $3,100 $7,500 Which of the following statements is true concerning the accounting for a partnership going through liquidation? Multiple Choice Gains and losses are reported directly as increases and decreases in the appropriate capital account Within a liquidation, all gains and losses are divided equally among the partners Because gains and losses rarely occur during liquidation, no special accounting treatment is warranted A separate income statement is created to measure only the profit or loss generated during liquidation