13 Partnership Liquidation-Safe Payments Several years ago, Ann Dennis. Jill Edwards, Lee Lacy, and Sarah Ingram formed a partnership to operate the Deli Sisters Cafe. Rerouting of bus lines declines in patronage to the extent that the partners have agreed to dissolve the partnership and liquidate the assets. The November 2, 2020, balance sheet of the Deli Sisters Cafe and other ta appear straight-line. There is no goodwill impairment caused low. Partnership income and losses are shared in a 2:3:1:4 ratio DELI SISTERS CAFE Balance Sheet November 2, 2020 25,000 Liabilities. ....175,000 Capital- Dennis $ 60,700 15,000 62,000 54,000 22,000 56,300 Cash. 20,000 Loan-Ingram. Equipment Fixtures 50,000 Capital-Edwards .... Capital-Ingram.. $270,000 Total assets .. Additional information I. 2. 3. During November, sold half of the fixtures for $18,000. Sold equipment with a book value of $30,000 for $21,000 During December, paid all outside creditors. A neighboring restaurant bought Deli Sisters Cafe's supplies at 80 percent of cost. Sold the remaining fixtures for $8,000. During January, sold equipment with a book value of $40,000 for $25,000 Chapter 14Partnership Accounting and Report equired llowing the safe payme December, and January. nt approach, specify how cash is to be distributed at the end of November