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ABC Corporation currently has $7,000 in cash, $15,000 in noncash assets, and liabilities of $8,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of

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ABC Corporation currently has $7,000 in cash, $15,000 in noncash assets, and liabilities of $8,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $8,000, $2,000, and $4,000, respectively The partners share a profit and loss ratio of 3:2:1. The noncash assets were sold for $3,000. Any capital deficiencies are absorbed by the remaining partners. Complete the liquidation chart below. Statement of Partnership Liquidation Liabilities Cash Noncash Assets Adrian Capital Batch Crenshaw Balances before realization Sale or 1880s and division of loss or pain Balances after realisation Payment of Isabilities Balances after payment of lubilities Receipt of deficiency Balances Cash distributed to partners Final balances

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