Ch 15: Partnerships: Termination and Liquidation - Graded HW (i A partnership has the following account balances at the date of termination: Cash, \\( \\$ 99,000 \\); Noncash Assets, \\( \\$ 755,000 \\); Liabilities, \\( \\$ 479,000 \\); Alonso, capital (50 percent of profits and losses), \\$175,000; Mann, capital (30 percent), \\$125,000; Suzuki, capital (20 percent), \\( \\$ 75,000 \\). The following transactions occur during liquidation: \\[ 20 \\] points - Noncash assets with a book value of \\( \\$ 595,000 \\) are sold for \\( \\$ 495,000 \\) in cash. - A creditor reduces his claim against the partnership from \\( \\$ 120,000 \\) to \\( \\$ 80,000 \\), and this amount is paid in cash. - The remaining noncash assets are sold for \\( \\$ 130,000 \\) in cash. - The remaining liabilities of \\( \\$ 359,000 \\) are paid in full. - Liquidation expenses of \\( \\$ 24,000 \\) are paid in cash. - Cash remaining after the above transactions have occurred is distributed to the partners. Required: Prepare a statement of partnership liquidation to determine how much cash each partner receives from the liquidation of the partnership. Note: Amounts to be deducted should be entered with a minus sign