Minden, Mel, and Montana decide to liquidate their partnership. All assets are sold, and the...
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Minden, Mel, and Montana decide to liquidate their partnership. All assets are sold, and the liabilities are paid. Following these transactions, the capital balances are as follows: Minden, $27,400; Mel, $(12,600); Montana, $43,500. The income-sharing ratio for Minden, Mel, and Montana is 3:4:3. Mel is unable to contribute any assets to reduce the deficiency. How much cash will Montana receive as a result of the partnership liquidation?
a. $43,500 b. $37,200 c. $21,100 d. $30,900
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