A partnership has the following account balances at the date of termination: Cash, $103,000; Noncash Assets, $775,000; Liabilities, $442,000; Bell, capital (50 percent of profits and losses), $205,000; Mann, capital (30 percent), $145,000; Scott, capital (20 percent), $86,000. The following transactions occur during liquidation: Noncash assets with a book value of $615,000 are sold for $515,000 in cash. A creditor reduces his claim against the partnership from $145,000 to $120,000, and this amount is paid in cash. The remaining noncash assets are sold for $130,000 in cash. The remaining liabilities of $297,000 are paid in full. Liquidation expenses of $26,000 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.) Answer is complete but not entirely correct. BELL, MANN, AND SCOTT PARTNERSHIP Statement of Partnership Liquidation Cash Noncash Assets Liabilities $ $ Beginning balances Sale of noncash assets 442,000 0 Bell, Capital (50%) 205,000 (50,000) 12,500 Mann, Capital (30%) 145,000 $ (300,000) X 7,500 Scott, Capital (20%) 860,000 X (200,000) X 5,000 (145,000) 0 0 X 0 Pay liabilities Sale of remaining noncash assets Pay remaining liabilities Pay liquidation expenses Subtotal 0 103,000 $ 775,000 $ 515,000 (615,000) (120,000) 0 130,000 (160,000) (297,000) 0 (26,000) 0 305,000 IS 0 $ 305,000 X 0 610,000 $ 0 $ X X X (297,000) 0 0 0 0 S 0 0 x 0 0 X $ 167,500 $ (147,500) $ 665,000 152,500 X 91,500 X 61,000 X $ 320,000 $ (56,000) $ 726,000 0 Distribution to partners Ending balances $ 0