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 Liabilities $22,000 Other Assets 45,000 Parks, Loan 9,000 Cook, Capital 29,000 Parks, Capital 9,000 Argo, Capital 17,000 Total $86,000 Total $86,000 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 $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 Credit Labilities 22000 22000 Cash (To record payment of labilities) (To record distribution to partners)