00 Part 1 of 2 Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] 0.66 points Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $138,000; total liabilities, $88,000; Turner, Capital, $3,500; Roth, Capital, $14,500; and Lowe, Capital, $32,000. Cash received from selling the assets was sufficient to repay all but $33,000 to the creditors. eBook Exercise 12-13 Liquidation of partnership LO P5 Hint Required: a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Print References Complete this question by entering your answers in the tabs below. Required A Required B Required c Calculate the loss from selling the assets. Liabilities before liquidation Proceeds from sale of assets (paid to creditors) Remaining liabilities Proceeds from sale of assets Book value of assets sold Required A Required B Required C Allocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.) Turner Roth Lowe Total Initial capital balances 3,500 $ 14,500 $ 32,000 $ 50,000 Allocation of gains (losses) Capital balances after gains (losses) Required A Required B Required C Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Turner Roth Lowe Total Amount to be contributed to the partnership