Cash Distribution Plan At the time they decided to liquidate their partnership, Whitehead, Ellis and Riley had capital balances of $60,000, $48,000 and $80,000, respectively, Liabilities were $38,400 and the balance sheet showed a note receivable from Ellis in the amount of $32,000. 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. Whitehead Ellis Riley Capital balances per books Deduct loan receivable Pre-liquidation balances Standardized capital balances (a) EqualizeWhitehead and Riley $ (b) Equalize Whitehead, Ellis & Riley Convert equalization adjustments - (a) $ Convert equalization adjustments - (b) $ $ $ $ $ Cash Distribution Plan: Next Cash Over $ Check Cash Distribution Plan At the time they decided to liquidate their partnership, Whitehead, Ellis and Riley had capital balances of $60,000, $48,000 and $80,000, respectively, Liabilities were $38,400 and the balance sheet showed a note receivable from Ellis in the amount of $32,000. 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. Whitehead Ellis Riley Capital balances per books Deduct loan receivable Pre-liquidation balances Standardized capital balances (a) EqualizeWhitehead and Riley $ (b) Equalize Whitehead, Ellis & Riley Convert equalization adjustments - (a) $ Convert equalization adjustments - (b) $ $ $ $ $ Cash Distribution Plan: Next Cash Over $ Check