A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent Profits and losses are divided on a 4:3:21 basis, respectively. Capital balances at the current time are Bell, capital Hardy, capital Dennard, capital Suddath, capital $55,000 58,000 15,000 82,000 Bell's creditors have filed a $23,000 claim against the partnership's assets. The partnership currently holds assets of $320,000 and liabilities of $110,000. An independent appraiser indicates that the assets can be sold for $200,000 Required: Prepare a statement of partnership liquidation to determine the amount of cash that Bell would receive from the sale of partnership assets. Note: Amounts to be deducted should be entered with a minus sign. BELL, HARDY DENNARD AND SUDDATH PARTNERSHIP Statement of Partnership Liquidation (Hypothetical) Cash Assets Liabilities Bell, Capital 40% Hardy, Capital 30% Dennard, Capital 20% Suddath, Capital 10% Balances $ 55,000 Sale of assets $ 48.000 Subtotal S 103.000 0 0 0 Pay labilities Subtotal S 103,000 $ 0 $ D S O S 0 $ 0 Allocate deficit Subtotal S 103.000 $ 0 $ 03 0 $ 05 S Distribute cash Ending balances S 103,000 $ O $ $ $ S 10 3