The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances: Cash Noncash assets $ 90,000 300,000 Liabilities Henry, capital $ 60,000 80,000 Isaac, capital 110,000 Jacobs, capital 140,000 Total $390,000 Total $390,000 Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4 Before liquidating any assets, the partners determined the amount of cash for safe payments and distributed it. The noncash assets were then sold for $120,000. The liquidation expenses of $5,000 were paid prior to the sale of noncash assets. How would the $120,000 be distributed to the partners? (Hint: Either a predistribution plan or a statement of liquidation would be appropriate for solving this item) A) Henry $33,000 $36,000 Isaac Jacobs $51,000 8) $28,000 $36,000 $56,000 C) $29,333 $32,000 $58,667 D) $24,000 $48,000 $48,000 E) $38,000 $26,000 $56,000