Ivey and Balzac Had a Partnership That Distributed Profits in a Ratio

Multiple Choice

Ivey and Balzac had a partnership that distributed profits in a ratio of 1:3 respectively. At the end of 2013, they agreed to liquidate the partnership. Prior to liquidation, the partnership had Cash of $50 000, Inventory of $75 000, Equipment (net) of $235 000, and no payables. Partner capital balances were: Ivey: $100 000 Balzac: $260 000
The inventory was sold for $59 000 and the equipment was sold for $243 000. After the assets were sold, what was Ivey's capital balance?

A) $98 000
B) $106 000
C) $176 000
D) $254 000