QUESTION 15 Details of the division of partnership income should normally be disclosed in the financial statements. True False QUESTION 16 If not enough partnership cash or other assets are available to pay the withdrawing partner, a liability may be created for the amount owed the withdrawing partner True False QUESTION 17 Immediately prior to theyadmission of Allen, the Sanson-Jeremy Partnership assets had been adjusted to current market prices and the capital balances of Sanson and Jeremy were S80,000 and $120,000 respectively. If the parties agree that the business is worth $240,000, what is the amount of bonus that should be recognized in the accounts at the admission of Allen $40,000 b.$60,000 C, $100,000 O d, S80.000 QUESTION 18 If the share oflosses on realization of the sale of noncash assets exceed the bal lance in a partner's capital account, the resulting balance is called a deficiency True False QUESTION 19 Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio of 3.2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $80,000, the Macki's capital account will a docrease by $40,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers