1 A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the current time are 15 points eBook Print Bell, capital Hardy, capital Dennard, capital Suddath, capital $ 57,500 59,000 14,000 83,000 Bell's creditors have filed a $24,000 claim against the partnership's assets. The partnership currently holds assets of $330,000 and liabilities of $116,500. An independent appraiser indicates that the assets can be sold for $205,000. Required: Prepare a statement of partnership liquidation to determine the amount of cash that Bell would receive from the sale of partnership assets. Note: Amounts to be deducted should be entered with a minus sign. References Balances Sale of assets Subtotal Pay liabilities Subtotal Allocate deficit Subtotal Cash BELL, HARDY, DENNARD, AND SUDDATH PARTNERSHIP Statement of Partnership Liquidation (Hypothetical) Assets Liabilities Bell, Capital 40% Hardy, Capital 30% Dennard, Capital 20% Suddath, Capital 10% $ 0 0 0 0 0 0 0 EA $ GA 0 0 Distribute cash Ending balances $ 0 GA $ 0 EA 0 $ 0 $ 0 $ EA EA EA 0 EA 0 EA 0 0 EA $ 0 $ 0 $ 0 $ 0 EA $ 0 EA 0 EA $ 0 EA EA $ 0 $ EA 0 0