Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $126,000; total liabilities, $78,000; Turner, Capital, $2,500; Roth, Capital, $14,000; and Lowe, Capital, $31,500.

The liquidation resulted in a loss of $76,000.

Required: Allocate the loss to the partners. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency.Complete this question by entering your answers in the tabs below.

• Required A
• Required B

Allocate the loss to the partners.

Note: Losses and deficits should be indicated with a minus sign.

TurnerRothLoweTotalInitial capital balances$2,500$14,000$31,500$48,000Allocation of gains (losses)0Capital balances after gains (losses)

Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency.

TurnerRothLoweTotalCapital balance deficiency$0

• Required A