On March 31, 2010, the partnership that had been organized to operate the Lone Pine Caf was dissolved under unusual circumstances, and in connection with

On March 31, 2010, the partnership that had been organized to operate the Lone Pine Café was dissolved under unusual circumstances, and in connection with its dissolution, preparation of a balance sheet became necessary.
The partnership was formed by Mr. and Mrs. Henry Antoine and Mrs. Sandra Landers, who had become acquainted while working in a Portland, Oregon, restaurant. On November 1, 2009, each of the three partners contributed $16,000 cash to the partnership and agreed to share in the profits proportionally to their contributed capital (i.e., one-third each). The Antoines' contribution represented practically all of their savings. Mrs. Landers' payment was the proceeds of her late husband's insurance policy.
1. Prepare a balance sheet for the Lone Pine Cafe as of November 2. 2009.
2. Prepare a balance sheet as of March 30, 2010.
3. Disregarding the marital complications, do you suppose that the partners would have been able to receive their proportional share of the equity determined in Question 2 if the partnership was dissolved on March 30, 2010? Why?