=+PR 12-5A Statement of partnership liquidation obj. 4 Chapter 12 Accounting for Partnerships and Limited Liability Companies 569 On June 3, 2010, the firm of McAdams, Cooper, and Zhang decided to liquidate their partnership. The partners have capital balances of $14,000, $84,000, and $118,000, respectively. The cash balance is $29,000, the book values of noncash assets total $242,000, and liabilities total $55,000. The partners share income and losses in the ratio of 1:2:2.

1. Prepare a statement of partnership liquidation, covering the period June 3–29, 2010, for each of the following independent assumptions: