J. O'Keefe and J. Kisha combined for a 50/50 partnership in 1980 and continued to do business successfully for many years. In January 2011, J. Kimley offered to contribute a sizable amount of working capital and was accepted as a partner in the business. J. O'Keefe and J. Kisha each own 40% of the business and J. Kimley 20% of the business partnership. Profits and losses are to be shared according to these percentages. Due to the lagging economy and a sudden loss of profits, all three agree to liquidate the business and enjoy a gain on the sale of their major asset, which was purchased in 1981. This should be distributed

a.

equally among the three partners at the time of the sale.

b.

50% to J. O'Keefe; 50% to J. Kisha.

c.

100% into the partnership dissolution revenue account.

d.

40% to J. O'Keefe; 40% to J. Kisha; 20% to J. Kimley.