A partnership has the following account balances at the date of termination: Cash, $94,000; Noncash Assets, $730,000; Liabilities, $504,000; Bell, capital (50 percent of profits and losses), $150,000; Mann, capital (30 percent), $100,000; Scott, capital (20 percent), $70,000. The following transactions occur during liquidation:

• Noncash assets with a book value of $570,000 are sold for $470,000 in cash.
• A creditor reduces his claim against the partnership from $120,000 to $90,000, and this amount is paid in cash.
• The remaining noncash assets are sold for $130,000 in cash.
• The remaining liabilities of $384,000 are paid in full.
• Liquidation expenses of $21,000 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 Assets	Liabilities	Bell, Capital (50%)	Mann, Capital (30%)	Scott, Capital (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