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 Other Assets $37,000 54,000 Liabilities Parks, Loan Cook, Capital Parks, Capital Argo, Capital Total $24,000 10,000 31,000 11,000 15,000 $91,000 Total $91,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. Record in journal entry form the completion of the liquidation process, assuming that the other assets of $54,000 are sold for $15,000. (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 for the amounts.) Account Titles and Explanation Debit Credit (To record sale of others) (To record repayment of loan) (To record de to partners)