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,$$98,500],[$Hardy$,$ capital,$84,000],[$Dennard$,$ capital,$15,000],[$Suddath$,$ capital,$99,000]]$

Bell's creditors have filed a $$40,000$ claim against the partnership's assets. The partnership currently holds assets of $$490,000$ a liabilities of $$193,500.$ An independent appraiser indicates that the assets can be sold $$285,000.$

Required:

Prepare a statement of partnership liquidation to determine the amount of cash that Bell would receive from the sale of partners 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$,$$$,0,$$$,490,000,$$$,193,500,$$$,98,500,$$$,84,000,$$$,15,000,$$$,99,000],[$Sale of assets,$$,285,000,,,,0,,,,,,,,],[$Subtotal$,$$$,285,000,,490,000,,193,500,,98,500,,84,000,,15,000,,99,000],[$Pay liabilities,,,,$0,,,,0,,0,,0,,0],[$Subtotal$,$$$,285,000,$$$,490,000,$$$,193,500,$$$,98,500,$$$,84,000,$$$,15,000,$$$,99,000],[$Allocate deficit,$$,0,$$$,0,,0,,,,,,,,],[$Subtotal$,$$$,285,000,$$$,490,000,$$$,193,500,$$$,98,500,$$$,84,000,$$$,15,000,$$$,99,000],[$Distribute cash,,,,$0,,0,,,,,,0,,],[$Fndina halances,$$,285\mathrm{.}000,$$$,490\mathrm{.}000,$$$,193\mathrm{.}500,$$$,98\mathrm{.}500,$$$,84\mathrm{.}000,$$$,15\mathrm{.}000,$$$,99\mathrm{.}000]]$