A partnership has the following account balances at the date of termination: Cash, $96,000; Noncash Assets, $740,000; Liabilities, $494,000; Bell, capital (50 percent of profits and losses), $160,000; Mann, capital (30 percent), $110,000; Scott, capital (20 percent), $72,000. The following transactions occur during liquidation: Noncash assets with a book value of $580,000 are sold for $480,000 in cash. A creditor reduces his claim against the partnership from $160,000 to $130,000, and this amount is paid in cash. The remaining noncash assets are sold for $130,000 in cash. The remaining liabilities of $334,000 are paid in full. Liquidation expenses of $22,000 are paid in cash. Cash remaining after the above transactions have occurred is distributed to the partners. Prepare a statement of partnership liquidation to determine how much cash each partner receives from the liquidation of the partnership. (Amounts to be deducted should be entered with a minus sign.)

BELL, MANN, AND SCOTT PARTNERSHIP Statement of Partnership Liquidation Cash Noncash Liabilities Assets Bell, Capital (50%) Mann, Capital Scott, Capital (30%) (20%) Beginning balances Sale of noncash assets Pay liabilities Sale of remaining noncash assets Pay remaining liabilities Pay liquidation expenses Subtotal Distribution to partners Ending balances