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X,Y,and Z are equal partners in the xyz partnership and share profit and losses accordingly.

X,Y,and Z are equal partners in the xyz partnership and share profit and losses accordingly. At the end of 20x1, the partnership's capital accounts reflect the following numbers due to a special allocation of depreciation:

Capital X Capital Y Capital Z

$40000 ($10000) ($20000)

If all of the assets are sold for $10000, which of the following statements are true:

  • X shares in Y and Z'scontribution
  • X takes Y and Z's entire contribution
  • Y contributes nothing
  • Y shares in Z's capital contribution

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