A partnership is considering possible liquidation because one of the partners $($Bell$)$ is personally insolvent. Profits and losses are divided on a $4$:$3$:$2$:$1$ basis, respectively. Capital balances at the current time are

$\backslash$table$[[$Bell$,$ capital,$50,000],[$Hardy$,$ capital,$56,000],[$Dennard$,$ capital,$14,000],[$Suddath$,$ capital,$80,000]]$

Bell's creditors have filed a $$21,000$ claim against the partnership's assets. The partnership currently holds assets of $$300,000$ and liabilities of $$100,000.$ An independent appraiser indicates that the assets can be sold for $$190,000.$

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.

$\backslash$table$[[$BELL$,$ HARDY, DENNARD, AND SUDDATH PARTNERSHIP$],[$Statement of Partnership Liquidation $($Hypothetical$)],[,$Cash,Assets,Liabilities,$\backslash$table$[[$Bell$,$ Capital$],[40\%]],\backslash$table$[[$Hardy$,$ Capital$],[30\%]],\backslash$table$[[$Dennard$,],[$Capital $20\%]],\backslash$table$[[$Suddath$,],[$Capital $10\%]]],[$Balances$],[$Sale of assets$],[$Subtotal$,$$$,0,,0,,0,,0,,0,0,0],[$Pay liabilities$],[$Subtotal$,$$$,0,$$$,0,$$$,0,$$$,0,$$$,0,$$$,$$$],[$Allocate deficit$],[$Subtotal$,$$$,0,$$$,0,$$$,0,$$$,0,$$$,0,$$$,$$$],[$Distribute cash$],[$Ending balances,$$,0,$$$,0,$$$,0,$$$,0,$$$,0,$$$,$$$]]$