Question: Step by step solution please! 15. Dancey, Reese, Newman and Jahn were partners who shared profits and losses on a 4:2:2:2 basis, respectively. They were

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15. Dancey, Reese, Newman and Jahn were partners who shared profits and losses on a 4:2:2:2 basis, respectively. They were beginning to liquidate their business. At the start of the process, capital balances were as follows: Dancey, capital $72,000 Reese, capital 32,000 Newman, capital 52,000 Jahn, capital 24,000 Which one of the following statements is true?15. Dancey, Reese, Newman and Jahn were partners who shared profits basis, respectively. They were beginning to liquidate their business. At capital balances were as follows: Dancey, capital $72,000 Reese, capital 32,000 Newman, capital 52,000 Jahn, capital 24,000 Which one of the following statements is true? A. The first available $16,000 would go to Newman. B. The first available $16,000 would go to Dancey. C. The first available $8,000 would go to Jahn. D. The first available $8,000 would go to Reese. E. The first available $4,000 would go to Jahn

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