Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Capital Cash Adams, Loan Other Assets $ 55,000 13,000 230,000 Liabilities $ 46,500 Adams, Capital 71,500 Peters, Capital Blake, Capital 97,500 82,500 Total Assets $298,000 Total Liabilities and Equities $298,000 Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business. During the liquidation process for the APB Partnership, the following events occurred: 1. During the first month of liquidation, noncash assets with a book value of $92,500 were sold for $71,000, and $25,500 of the liabilities were paid. 2. During the second month, the remaining noncash assets were sold for $77,200. The loan receivable from Adams was collected, and the rest of the creditors were paid. 3. Cash is distributed to partners at the end of each month.