EXERCISE 4 The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below. Liabilities Assets Cash $54,201 Accounts Payable Accounts Receivable 11,000 Other liabilities. $12,000 69,201 Furniture 23,000 Partner's Equity Equipment 38,000 Ryan, Capital 27,000 aldayeqehnod 16y 18 bes wallel zo Other assets Total assets 9.000 Peter, Capital 27,000 $135.201 Total liabilities and partner's equity $135,201 000,0082 Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. The furniture and the equipment were sold at a cumulative loss of $4,000. The accounts receivable were received in cash and the other assets were written off as worthless. The accounts payable and other liabilities were paid off at book value. The firm's accountant distributed the remaining cash between Ryan and Peter equally. However, Peter initiated a lawsuit claiming that his share was greater than Ryan's. How much should Peter have received?