After realization of a portion of the noncash assets of Bemis, Coppo & Dipp LLP, which was being liquidated, the capital account balances were Bemis, $54,600; Coppo, $40,500; and Dipp, $17,000. Cash of $32,100 and other assets with a carrying amount of $100,000 were on hand. Accounts payable totaled $20,000. Only $20,000 of the other assets were realized.Bemis, Coppo and Dipp shared net income and losses in a 1:3:1 ratio, respectively.

Prepare a working paper to compute the amount of cash that may be paid to creditors and to partners at this time assuming that all partners are insolvent. Prepare all journal entries.

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