At the time they decided to liquidate their partnership, Whitehead, Ellis and Riley had capital balances of $90,000, $72,000 and $120,000, respectively. Liabilities were $57,600 and the balance sheet showed a note receivable from Ellis in the amount of $48,000. The partners share income in a 5:3:2 ratio. Prepare a schedule showing how cash is to be distributed as it becomes available during the liquidation process.

Remember to use negative signs with answers that reduce the capital balances.