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Problem VII: The partnership of Allen, Brett, and Carter decided to liquidate. They share all gains and losses by a ratio of 2:1:1. After selling off the non-cash assets and allocating all gains and losses based on those sales, Allen's capital balance was $40,000, Brett's was $80,000; Carter though had a capital deficit of ($24,000). Assuming Carter does not provide $24,000 to wipe away his deficit how should it be handled? A) Allen should absorb $12,000 and Brett should absorb $12,000 B) Allen should absorb $8,000 and Brett should absorb $16,000 C) Allen should absorb $16,000 and Brett should absorb $8,000 D) Allen should absorb $18,000 and Brett should absorb $6,000 AutoSave OFF Fi... Saved... Home Insert Draw Design >> Tell me Share Comments la X X A v . Paste Font Paragraph Styles Dictate Sensitivity id= en Pme Problem VIII Aca UNY ng The following information is obtained concerning the weekly payroll of AB Corporation which has two employees, Anderson, and Buckingham. Anderson Buckingham Year-to-date pay $137,000 $9,600 Hourly wage rate S120 S20 Hours worked Federal Withholding Taxes $980 $70 50 30 Medical Insurance Premiums S520 $40 Charitable Contributions $100 $10 10% 401 (k) Contribution Percentage 10% Additional Data: 1) Social Security is taxed at 6% of the first $140,000 of annual wages. 2) Medicare is taxed at 1% of all wages. 3) State Unemployment Insurance is taxed at 5% of the first $10,000 of annual wages. 4) Federal Unemployment Insurance is taxed at 1% of the first $10,000 of annual wages. 5) AB Corporation matches 100% of all 401(k) employee contributions. Required: Make the necessary Journal entries for payroll 10394