9 Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.] Part 2 of 2 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 12-14 Liquidation of limited partnership LO P5 Hint Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $33,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Print Complete this question by entering your answers in the tabs below. References Sale of Assets Amount to be Repaid to Partnership Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. Calculate sale of assets. (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Total book value of assets Total liabilities before liquidation Total liabilities remaining after paying proceeds of asset sales to creditors Cash proceeds from sale of assets Sale of Assets Amount to be Repaid to Partnership Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $33,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Calculate Gain (Loss) on Sale of Assets Turner Roth Lowe Total $ 3,500 $ 14,500 $ 32,000 $ 50,000 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Allocation of Lowe's Deficit to Turner and Roth Turner Roth Lowe Total Allocation of Lowe's deficit to Turner and Roth (9,500) 0 $ (33,000) $ (16,900) $ (16,100) Capital balances after deficit allocation Amount to be repaid to partnership