The ABC partnership has the following balance sheet:

$($a$)$ Discuss the results to A$,$ B and C if A receives $$10,000$ cash,

$$5,000$ of receivables, and $$5,000$ of inventory in liquidation of

his interest. Reconstruct the partnership balance sheet after

the distribution.

$($b$)$ Discuss the results to $A,B$ and $C$ and reconstruct the

partnership balance sheet after the liquidation of A$\text{'}$s interest

if$,$ instead, A receives $$24,000$ cash in liquidation of his

interest in the partnership in which capital is a material

income$-$producing factor.

$($c$)$ What result in $($b$),$ above, to $A$ if he receives $$12,000$ in the

current year and $$12,000$ in the succeeding year?