TB MC Qu. 12-95 Henry, Luther, and Gage are... Henry, Luther, and Gage are dissolving their partnership. Their partnership agreement allocates each partner 1/3 of all income and losses. The current period's ending capital account balances are Henry, $45,000; Luther, $37,000; and Gage, $(5,000). After all assets are sold and liabilities are paid, there is $77,000 in cash to be distributed. Gage is unable to pay the deficiency. The journal entry to record the distribution should be Multiple Choice Debit Henry. Capital $25.667; debit Luther, Capital $25,667: debit Gage. Capital $25,666: credit Cash $77.000. Debit Henry. Capital S42,500; debit Luther, Capital $34.500; credit Cash $77.000. Prev - Nex 15 of 15 ENG 82F Sunny 6 nework 2 Saved Help Save & E Debit Henry Capital $25.667. debit Luther, Capital $25,667 debit Goge, Capital $25,666, credit Cash ST1000 Debit Henry, Capital $42,500; debit Luther, Capital $84,500: credit Cash $77,000. Debit Henry, Capital $45.000; debit Luther, Capital $37,000: credit Gage, Capital $5,000, credit Cash $77,000. Debit Cash $77,000, debit Gage, Capital $5,000, credit Henry, Capital $45,000, credit Luther, Capital $37.000. Debit Cash $77.000: credit Henry, Capital $25,667; credit Luther, Capital $25.667; credit Gage, Capital $25.666