CALCULATOR PRINTER VERSION BACK Exercise 16-1 The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below Cash Other Assets $41,000 45,000 Liabilities Parks, Loan Cook, Capital Parks, Capital Argo, Capital Total $22,000 9,000 29,000 9,000 17,000 $86,000 Total $86,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. Your answer is partially correct. The partners wish to distribute the $41,000 in cash. Record in journal entry form the distribution of the available cash. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Tulabilities T 22000 1 i Cash (To record payment of Habilities) Cook, Capital Parks, Loan TTTT 22000 3000 13000 16000 (To record distribution to partners) (b) Record in journal entry form the completion of the liquidation process, assuming that the other assets of $45,000 are sold for $13,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit (To record sale of other assets) To record repayment of lan) (To record distribution to partners)