On October 1, 2006, the firm of Ewing, Johnson, and Landry, decided to liquidate their partnership. The partners have capital balances of $100,000, $90,000, and $30,000, respectively. The cash balance is $20,000, the book values of noncash assets total $250,000, and liabilities total $50,000. The partners share income and losses in the ratio of 2:2:1.

Instructions
Prepare a statement of partnership liquidation, covering the period October 1 through October 30 for each of the following independent assumptions:
1. All of the noncash assets are sold for $330,000 in cash, the creditors are paid, and the remaining cash is distributed to the partners.
2. All of the noncash assets are sold for $120,000 in cash, the creditors are paid, and the remaining cash is distributed to the partners.
3. All of the noncash assets are sold for $50,000 in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners.