David and Edward have operated as a a partnership. During the past year they have attempted to sell the partnership, but have been unsuccessful. Thus, they have decided to sell partnership assets individually and have hired you to prepare a safe payment schedule. The partnership balance sheet looks as follows: Cash 100,000 Equipment 200,000 Building 300,000 Land 300,000 Total Assets 900,000 Liabilities 100,000 Capital: D 500,000 Capital: E 300,000 Total Liabilities and Equity 900,000 David and Edward share profit/loss on a 60% and 40% basis. Based on this information, how should cash be allocated as it becomes available? Select one: a. First $100,000 to creditors, Next $50,000 to David, additional cash is split 60% to David and 40% to Edward. b. First $100,000 to creditors and additional cash is split 60% to David and 40% to Edward. c. First $100,000 to creditors and remaining cash is split 50% to David and 50% to Edward d. First $100,000 to creditors, Next $200,000 to David, additional cash is split 60% to David and 40% to Edward. e. None of the Above