Black retires from the partnership of James, King, and Black. The partners share profits and losses in the ratio of 4:3:3, respectively. Black's capital balance is $30,000, and he receives $37,000 in final settlement. What is the effect on the capital accounts of James and King? A. King's capital decreases by $7,000. B. James' capital decreases by $7,000. C. James' capital increases by $4,000. D. James' capital decreases by $4,000. The book value of the non-cash assets of the CSM partnership is $90,000. In liquidation, the partnership sells the non-cash assets for $108,000. Partners C. S, and M split profits equally. How should the partnership account for the sale of the non-cash assets? A. Credit the non-cash assets for $90,000 B. Increase each of the partners' capital accounts by $6,000 C. Debit cash for $108,000 D. All of the above