A partnership has the following account balances at the date of termination: Cash, $86,000; Noncash Assets, $690,000; Liabilities, $388,000; Alonso, capital (50 percent of profits and losses), $180,000; Mann, capital (30 percent), $130,000; Suzuki, capital (20 percent), $78,000. The following transactions occur during liquidation:

• Noncash assets with a book value of $530,000 are sold for $430,000 in cash.
• A creditor reduces his claim against the partnership from $130,000 to $110,000, and this amount is paid in cash.
• The remaining noncash assets are sold for $130,000 in cash.
• The remaining liabilities of $258,000 are paid in full.
• Liquidation expenses of $17,000 are paid in cash.
• Cash remaining after the above transactions have occurred is distributed to the partners.

Required:

Prepare a statement of partnership liquidation to determine how much cash each partner receives from the liquidation of the partnership.

Note: Amounts to be deducted should be entered with a minus sign.

\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{10}{|c|}{ ALONSO, MANN, AND SUZUKI PARTNER SHIP } \\ \hline \multicolumn{10}{|c|}{ Statement of Partnership Liquidation } \\ \hline & \multicolumn{2}{|c|}{ Cash } & \multicolumn{2}{|c|}{NoncashAssets} & \multicolumn{2}{|c|}{ Liabilities } & Alonso,Capital(50%) & Mann,Capital(30%) & Suzuki,Capital(20%) \\ \hline \multicolumn{10}{|l|}{ Beginning balances } \\ \hline \multicolumn{10}{|c|}{ Sale of noncash assets } \\ \hline \multicolumn{10}{|l|}{ Pay liabilities } \\ \hline \multicolumn{10}{|c|}{ Sale of remaining noncash assets } \\ \hline \multicolumn{10}{|c|}{ Pay remaining liabilities } \\ \hline \multicolumn{10}{|c|}{ Pay liquidation expenses } \\ \hline Subtotal & S & 0 & $ & 0 & $ & 0 & $ & $ & $ \\ \hline \multicolumn{10}{|c|}{ Distribution to partners } \\ \hline Ending balances & S & 0 & $ & 0 & $ & 0 & 0 & $ & \\ \hline \end{tabular}