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A partnership has assets of cash of $10,000 and equipment with a book value of...

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Accounting

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A partnership has assets of cash of $10,000 and equipment with a book value of $160,000. All liabilities have been paid. The partners' capital accounts are as follows Michael $80,000, Gregory $60,000 and Phillips $30,000. The partners share profits and losses on a 4:3:3 basis. If the equipment is sold for $100,000 and there are no liquidation expenses what amount should Michael receive in the final settlement? Multiple Choice $10,000. $18,000. O $20,000. $56.000. O $62.000

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