Determine how the available cash is distributed in July using the installment Liquidation.

Roberts, Stevens and Taylor are members of the Roberts, Stevens, Taylor Partnership, sharing profits and losses 40%, 30%, and 30% respectively. On July 1, 2020, the partnership had the following balance sheet: Roberts, Stevens, Taylor Partnership Balance Sheet July 1, 2020 Assets Cash Accounts receivable Inventory PPE (net) Liabilities and Capital $30,000 Non-partner liabilities 50,000 Note payable - Taylor 110,000 Roberts, capital 310,000 Stevens, capital Taylor, capital $500,000 TOTAL $290,000 30,000 90,000 30,000 60,000 $500,000 Total On July 1, 2020, the partnership decided to liquidate. None of the partners has personal assets that can be contributed to the partnership in the event of a deficit in the capital account. The following transactions occurred over the next three months: July: Accounts receivable of $10,000 are collected Inventory with a book value of $90,000 is sold for $110,000 Land with a book value of $80,000 is sold for $160,000 Liquidation expenses of $2,000 are paid To the extent possible, non-partner liabilities are paid The partnership retains $6,000 cash Any remaining cash is distributed to the partner(s)