Liquidating PartnershipsDeficiency

Prior to liquidating their partnership, Jacobs and Sanchez had capital accounts of $320,000 and $424,000, respectively. The partnership assets were sold for $52,000. The partnership had no liabilities. Jacobs and Sanchez share income and losses equally.

a. Determine the amount of Jacobs's deficiency. $_____________

b. Determine the amount distributed to Sanchez, assuming that Jacobs is unable to satisfy the deficiency. $____________