Exercise 12-13 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 1 Line following information applies to the questions displayed below! Turner, Roth, and Lowe are partners who share income and loss in a 1:45 ratio (in percents: Turner, 10%; Roth, 40%, and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets. $126,000; total liabilities. $78,000: Turner, Capital, $2,500 RothCapital, $14.000; and Lowe, Capital, $31.500. Cash received from selling the assets was sufficient to repay all but $28,000 to the creditors. 10 Doint Required: a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Required A Allocate the loss from part a to the partners. Lostes and deficits should be indicated with a mi) Turner $ 2.500 Lone Tutal $ 31,500 S48.000 (3.000) (70.000) 1,500 $25.000) 45 tal capital balances Allocation of gaire) Capital balances whergin (losos) $14.000 1304001 18.400 (7.600) 5.100 (Required A Required) Nerd 1 of 1 ## Prey ME Search or type URL Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to 1 the following information applies to the questions displayed below. Turner, Roth, and Lowe are partners who share income and loss in a 14:5 ratio (in percents: Turner, 10% Roth, 40% and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $126.000; total liabilities, $78,000: Turner, Capital, $2.500: Roth. Capital, $14,000; and Lowe. Capital, $31,500. Cash received from selling the assets was sufficient to repay all but $28,000 to the creditors. 0 Required: a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required A Required B Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency Tum $ 2.800 Roth $11.200 Lowe $ 14,000 $ 25,000 Amount to be contributed to the partnership