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.)

	Cash	Noncash Assets	Liabilities	Bell, Capital (50%)	Mann, Capital (30%)	Scott, Capital (20%)
Beg. Balance
Sale of noncash asset
Pay liabilities
Sale of remaining noncash assets
Pay remaining liabilities
Pay liquidation expenses
Subtotal
Distribution to partners
Ending balances