Amy and Bamy, partners of Amy & Bamy LLP, who share net income and losses in a 60:40 ratio respectively, decided to liquidate the partnership. A portion of the noncash assets had been realized, but assets with a carrying amount of $42,000 were yet to be realized. All liabilities had been paid, and cash of $20,000 was available for distribution to partners. The partners capital account credit balances were $40,000 for Amy and $22,000 for Bamy. the journal entry for cash distribution (totaling 20,000) includes:

Select one:

a.

Debit $14,800 to Amy capital and debit $5,200 to Bamy capital.

b.

Debit $8,000 to Amy capital and debit $12,000 to Bamy capital.

c.

Debit $12,000 to Amy capital and debit $8,000 to Bamy capital.

d.

Debit $5,200 to Amy capital and debit $14,800 to Bamy capital.

On November 10, 2020, Maher, Saher, and Taher, partners of Maher, Saher, & Taher LLP, shared net income and losses in a 4 : 2 : 1 ratio respectively. In liquidation of the LLP, the Capital per unit of income sharing ratio were: $10,000, $12,000, $15,000 respectively. The capital balance of Taher before liquidation was:

a.

$15,000.

b.

$24,000.

c.

$37,000.

d.

$40,000.