Prior to Liquidating Their Partnership, Samuel and Brian Had Capital

Essay

Prior to liquidating their partnership, Samuel and Brian had capital accounts of $60,000 and $240,000, respectively. The partnership assets were sold for $120,000. The partnership had no liabilities. Samuel and Brian share income and losses equally.​Required
(a) Determine the amount of Samuel's deficiency.
(b) Determine the amount distributed to Brian, assuming Samuel is unable to satisfy the deficiency.