Recently, the spot market price of U. S. hot rolled steel plummeted to $400 per ton. Just one year ago, this same ton of steel cost $700. According to Metals Monitor, the drop in price was due to falling oil prices, along with a rise in cheap imports and excess capacity. These dramatic market changes have greatly impacted the supply of raw steel.

During a liquidation, a partner's capital account balance drops below zero. what should happen? select one: a. the deficit balance should be removed from the accounting records with only the remaining partners sharing in future gains and losses. b. the partner with a deficit should contribute enough assets to offset the deficit balance if he is solvent. c. the other partners should contribute enough assets to offset the amount of deficit if the partner with a deficit is insolvent. d. both b & c