A partnership has the following account balances at the date of termination: Cash, $105,000; Noncash Assets, $785,000; Liabilities, $435,000; Bell, capital (50 percent of profits and losses), $215,000; Mann, capital (30 percent), $150,000; Scott, capital (20 percent), $90,000. The following transactions occur during liquidation:

Noncash assets with a book value of $625,000 are sold for $525,000 in cash.

A creditor reduces his claim against the partnership from $150,000 to $140,000, and this amount is paid in cash.

The remaining noncash assets are sold for $130,000 in cash.

The remaining liabilities of $285,000 are paid in full.

Liquidation expenses of $27,000 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