EXERCISE 8-6 The partners of the Boatsman, Jensen, and Williams partnership have decided that they the business before being forced into bankruptcy. financial records of the closed, and the loss for the period is allocated to the capital accounts on May 31.2004. ing trial balance was prepared at the beginning of the liquidation. 30,000 Cash 70,000 Receivables 160,000 Inventory Plant Assets (net) 240.000 Current Liabilities (180,000 Boatsman, capital (40%) (80,000) Jensen, capital (45%) (100,000 Williams, capital (15%) (140.000 The accountant overseeing the process has a great deal of experience in partnership liquida has estimated that the liquidation would probably take three months to complete and tha dation would be approximately $5.000 in June,$12,000 in July, and $8,000 in Au following events occur during the liquidation 1. June 4 Receivables are sold to a bank for $40,000. 2. June 17 Inventory is sold for $65,000