In liquidation of LLP, for sale of non-cash assets with a book value $350,000 for $380,000 cash , the journal entry includes:

a.

Debit to cash $ 350,000 and credit to non-cash assets $380,000.

b.

Debit to cash $ 380,000 and credit to non-cash assets $380,000.

c.

Debit to cash $ 350,000 and credit to non-cash assets $350,000.

d.

Debit to cash $ 380,000 and credit to non-cash assets $350,000.

Arin and Boline are partners of Arin & Boline LLP have capital account balances of $120,000 and $80,000, respectively, and they share net income and losses in a 75%: 25% ratio. Colin invests $70,000 for a one-third. The capital balance of Colin capital after admission is:

Select one:

a.

$90,000.

b.

$70,000.

c.

$100,000.

d.

$50,000.