Distribution of Cash Upon Liquidation Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the venture. Bray and Lincoln advanced $360 and $540 of their own respective funds to pay for advertising and other expenses. After collecting for all sales and paying creditors, the partnership has $1,470 in cash. Use the minus sign to indicate any deficiency for the capital accounts. a. How much net income was earned from the venture? $ 570 b. How should the $1,470 be distributed? Bray Lincoln Mapes Total Capital balances and cash distribution 540 X $ 720 X $ 180 X $ 1,470 c. Assume that the partnership has only $780 instead of $1,470. Complete the following table to determine if any of the three partners have a capital deficiency? Capital balances Bray Lincoln Mapes Total 420 X