(a) The partnership of Hanly, Ide, and Jen was dissolved. By August 1, 2006, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2006 (with partner residual profit and loss sharing percentages) was as follows:

Cash $ 50,000 Hanly, capital(30%) $ 4,000 Ide, capital(20%) (60,000) Jen, capital(50%) 106,000 Total assets $ 50,000 Total equity $ 50,000

The value of partners' personal assets and liabilities on August 1, 2006 were as follows: Hanly Ide Jen Personal assets $ 74,000 $ 120,000 $ 56,000 Personal liabilities 72,000 80,000 60,000 (a) Required:

Prepare the final statement of partnership liquidation.