At June 30, Fine Balance Partnership is liquidated. Just before the liquidation, Fine

Balance has cash of $2,800, equipment of $45,000, accumulated amortization of

$31,000, accounts payable of $6,000, and the following partner capital accounts: J

Statham $9,000; K Patrick$1,800. Partners share in income or losses equally. Upon

liquidation, the equipment is sold for $10,000 cash, the accounts payable are paid in

full, and any remaining cash is distributed to the partners. If a partner's capital account

is in a deficit balance, he or she will contribute the necessary cash to the partnership to

cover it.

Instructions:

Calculate how much cash will be paid to, or received from, each partner upon liquidation

NEED ASAP WITH FULL STEPS