The balance sheet of Ryan, James and Peter firm as on December 31, 2017, is given below. Assets Liabilities Cash $18,000 Accounts Payable $15,000 Accounts Receivable 12,000 Other liabilities 23,000 Furniture 8,000 Partner's Equity Equipment 13,000 Ryan, Capital 9,000 Other assets 10,000 Peter, Capital 12,000 James, Capital 2,000 Total assets $61,000 Total liabilities and partner's equity $61,000 Ryan, Peter, and James share profits in the ratio 3:2:1. They have decided to liquidate the partnership with immediate effect. The furniture and the equipment were sold at a cumulative loss of $7,000. The accounts receivable were received in cash and the other assets were written off as worthless. The accounts payable and other liabilities were paid off at book value. James argued that he should receive a portion of the remaining cash, but Peter and Ryan argued otherwise. How much cash should James receive or pay? A. He should pay $54,833. B. He should not receive or pay any money. C. He should pay $833. D. He should receive $500.