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 $41,000 45,000 Other Assets Liabilities Parks, Loan Cook, Capital Parks, Capital Argo, Capital Total $19,000 9,000 33,000 9,000 16,000 $86,000 Total $86,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. Your answer is partially correct. Try again. The partners wish to distribute the $41,000 in cash. Record in journal entry form the distribution of the available cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Liabilities 19000 19000 Cash (To record payment of liabilities) Cook, Capital 13200 cash. (Credit account titles are automatically Indented when the amount is entered. D manually. If no entry is required, select "No entry" for the account titles and enter 0 amounts.) Account Titles and Explanation Debit Credit Liabilities 19000 Cash 19090 (To record payment of liabilities) Cook, Capital 13200 Argo, Capital 8800 22000 Cash (To record distribution to partners) SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 5 of 5 used (b) Record in journal entry form the completion of the liquidation process, assuming that the other assets of $45,000 are sold for $14,000. (Credit account tities are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Debit Credit Account Titles and Explanation (To record sale of other assets) (To record repayment of loan) (To record distribution to partners) SHOW ITST OF ACCOUNTS