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 $44,000 Liabilities $30,000 Other Assets 53,000 Parks, Loan 10,000 Cook, Capital 32,000 Parks, Capital 9,000 Argo, Capital 16,000 Total $97,000 Total $97,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. (a) The partners wish to distribute the $44,000 in cash. Record in journal entry form the distribution of the available cash.