Questions 4 and 5 are based on the following balance sheet for the partnership of Allen, Bob. and Cecil: Figures shown parenthetically reflect agreed profit and loss sharing percentages. 4. If the firm, as shown on the original balance sheet, is dissolved and liquidated by selling assets in installments, the first sale of noncash assets having a book value of $90,000 realizes $50,000, and all cash available after settlement with creditors is distributed, the respective partners would receive (to the nearest dollar) (a) Allen, $8,000; Bob, $6,000; Cecil, $6,000. (b) Allen, $6,667; Bob, $6,667; Cecil, $6,666. (c) Allen, $0; Bob, $10,000; Cecil, $10,000. (d) Allen, $0; Bob, $18,500; Cecil, $1,500. 5. If the facts are as in item 4 above except that $3,000 cash is to be withheld, the respective partners would then receive (to the nearest dollar) (a) Allen, $6,800; Bob, $5,100; Cecil, $5,100. (b) Allen, $5,667; Bob, $5,667; Cecil, $5,666. (c) Allen, $0; Bob, $8,500; Cecil, $8,500. (d) Allen, $0; Bob, $17,000; Cecil, $0. 6. The following condensed balance sheet is presented for the partnership of Lisa, Lori, and Lucy, who share profits and losses in the ratio of 5:3:2, respectively: Cash $ 80,000 Liabilities $140,000 Other Assets 280,000 Lisa, Capital 100,000 Lori, Capital 100,000 Lucy, Capital 20,000 Total $360,000 Total $360,000 The partners agreed to liquidate the partnership after selling the other assets. If the other assets are sold for $160,000, how much should Lisa receive upon liquidation? (a) $37,500 (b) $38,500 (c) $40,000 (d) $100,000 7> If a partner with a debit capital balance during liquidation is insolvent, the following results: (a) The partner must borrow money to invest in the partnership. (b) The partnership will give the partner cash to the extent of the partners' debit balance. (c) The partner's debit balance will be allocated to the other partners.(d) None of the above