For each of the following independent situations, determine which partnership(s) (if any) terminate and which partnership(s) (if any) continue.
a. The KLMN Partnership is created when the KL Partnership merges with the MN Partnership. The ownership of the new partnership is held 25% by Katie, 30% by Laura, 25% by Michael, and 20% by Neal.
b. The ABC Partnership, with $150,000 in assets, is owned equally by Amy, Beth, and Chuck. The CD Partnership, with $100,000 in assets, is owned equally by Chuck and Drew. The two partnerships merge, and the resulting ABCD Partnership is owned as follows: Amy, 20%; Beth, 20%; Chuck, 40%; and Drew, 20%.
c. The WXYZ Partnership results when the WX and YZ Partnerships merge. Ownership of WXYZ is held equally by the four partners. WX contributes $140,000 in assets, and YZ contributes $160,000 in assets to the new partnership.
d. The DEFG Partnership is owned 20% by Dawn, 40% by Eve, 30% by Frank, and 10% by Greg. Two new partnerships are formed by the division of DEFG. The two new partnerships, the DE and FG Partnerships, are owned in proportion to their relative interests in the DEFG Partnership by the individuals for whom they are named.
e. The HIJK Partnership is owned equally by its four partners, Hal, Isaac, Juan, and Katherine, before its division. Two new partnerships, the HI and JK Partnerships, are formed out of the division with the new partnerships owned equally by the partners for whom they are named.