On March 1, 1995, Grove, Plane, and Range formed Techno Associates, a general partnership. They made capital contributions to the partnership as follows. Grove contributed S125,000; Plane contributed $250,000, and Range contributed $500,000. They prepared and executed a written partnership agreement that provided that profits would be shared equally, that the partnership would last for five years, and that the partnership use a calendar year for accounting purposes. There was not provision as to how losses would be allocated not was there any provision regarding the continued use of the partnership name in the event of dissolution. On April 1, 1996, Range assigned Range's partnership interest to Blank. Blank notified Grove and Plane that Blank wanted to participate in the partnership business and vote on partnership issues. On June 10, 1996, a judgment was entered against Techno in a suit for breach of contract. On December 31, 1996, Grove resigned from the partnership . During the year-end closing, it was established that Techno had incurred an operating loss in 1996 as a result of the judgment. It was also established that Techno, being unable to pay its debts as they became due, was insolvent . On May 1, 1997, Techno filed for bankruptcy. The Revised Uniform Partnership Act applies. Required: For Items 1 through 3, select the correct answer from List I. An answer may be selected once, more than once, or not at all 1 2 3 What would be Range's liability for Techno's 1996 operating loss? What would be Blank's liability for Techno's 1996 operating loss? What would be Groves's liability for Techno's 1996 operating loss? List I (A) No personal liability (B) Liability limited to the amount contributed to the partnership (C) Liability limited to the amount in the capital account (D) Full personal liability for up to one-third of the total amount of the partnership debt. (E) Full personal liability for up to the total amount of the partnership debt. For Item 4, select the correct answer from List II. 4 As of January 1, 1997, who were the partners in Techno? List II (A) Blank and Plane. (B) Plane and Range (C) Blank, Plane, and Grove. (D) Grove, Plane, and Range (E) Blank, Grove, Plane, and Range. For Item 5, select the correct answer from List III S On May 1, 1997, what was the status of Techno? List III (A) Dissolved (B) Liquidated (C) Terminated