Item $20$

$4\mathrm{.}25$ points

Time Remaining $56$ minutes $55$ seconds

$00$:$56$:$55$

Item $20$

Time Remaining $56$ minutes $55$ seconds

$00$:$56$:$55$

When a partnership is insolvent and a partner has a deficit capital account balance, that partner should

Multiple Choice

initiate legal proceedings against the partnership.

deliver a note payable to the partnership with specific payment terms.

contribute enough cash to the partnership to offset their deficit.

None of these answer choices are correct. The partner has no legal responsibility to cover the capital deficit balance.

declare personal bankruptcy.