2. On June 30, 2006, the Warle, Xin, and Yates partnership had the following fiscal year -end balance sheet: Cash $ 4, 000 Accounts payable $ 7,00 Accounts receivable 6,000 Loan from Xin 5,00 Inventory 14, 000 Warle, capital(20%) 14,00 Plant assets-net 12, 000 Xin, capital(30%) 10,00 Loan to Warle 6,000 Yates, capital(50%) 6, 00 Total assets $ 42, 000 Total liab. /equity $ 42, 00 The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the partnership on July 1, 2006, . began the liquidation process. During July the following events occurred : * Receivables of $3,000 were collected. The inventory was sold for $4,900. * All available cash was distributed on July 31, except for $2, 000 that was set aside for contingent expenses. The book value of the partnership equity (i.e. , total equity of the partners ) on June 30, 2006 is Warle capital $14,000 Xin capital 10, 000 Yates capital 6, 000 Loan from Xin 5,000 Loan to Warle (6, 000) Total $29, 000