Exercise 16-2 John, Jake, and Joe are partners with capital accounts of $89,000, $71,000, and $60,000 respectively. They share profits and losses in the ratio of 30:40:30. When the partners decide to liquidate, the business has $71,000 in cash, noncash assets totaling $262,000, and $113,000 in liabilities. The noncash assets are sold for $271,000, and the creditors are paid. (a) Your answer is partially correct. Try again. Prepare a schedule of partnership liquidation. (Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) Account Balances Cash 71,000 271,000 Noncash Assets 262,000 [Sale of Assets (262,000) 342,000 Payment to Creditors (113,000) 229,000 Cash Distribution (229,000) Liabilities 113,000 John 89,000 Capital Balances Jake 71,000 Joe 60,000 2,700 3,600 2,700 113,000 91,700 74,600 62,700 (113,000) 91,700 74,600 62,700 (91,700) (74,600) (67,000)