After 25 years of operations, the Starke, Lannister, and Targaryen partnership has decided to liquidate. At that time, 1/1/20x2, the partnership balance sheet is as follows:

Starke, Lannister, and Targaryen, Partners
Balance Sheet
as of 12/31/20x1
Assets		Liabilities and Partners Capital
Cash	$80,000	Liabilities	$47,000
Noncash assets	205,000	Starke, Capital	138,000
		Lannister, Capital	119,500
		Targaryen, Capital	(19,500)
Total assets	$285,000	Total Liabilities and Capital	$285,000

In accordance with the Articles of Partnership, the partners agreed to share profits and losses as follows:

Starke, Capital	30%
Lannister, Capital	40%
Targaryen, Capital	30%

The partnership estimates liquidation expenses of $10,000.

Required

1. Before beginning liquidation activities, the partnership agrees that Targaryen must eliminate her deficit balance. Assuming the noncash assets have zero value, what is the maximum amount Targaryen must contribute to the partnership to eliminate the deficit balance in her capital account?
2. Assuming maximum losses, prepare a formal Statement of Liquidation for the partnership.
3. Based on your schedule of liquidation, how much will be distributed to each partner upon full liquidation?