Uquidating Partnerships-Deficiency Prior to liquidating their partnershlp, Pepper and Bain had capital accounts of $15,000 and $58,000, respectively. The partnership assets were sold for \$27,000. The partnership had no liabilities. Pepper and Bain share income and losses equally. Required: a. Determine the amount of Pepper's deficlency. x b. Determine the amount distributed to Bain, assuming that Pepper is unable to satisfy the deficiency. x Feedave: T Chear Uy Work a. 1. Begin with Pepper's equity prior to liquidation 2. Adjust Pepper's equity for the gain or loss on the sale of the assets. 3. Allocate the gain/loss to partner capital accounts based on equal share. 4. Add beginning equity plus allocated gainlloss to determine ligaldation defciency. b. If 8 partner is unable to satisfy a deficiency, the balence is shared among the remaing partners