EXERCISES EXERCISE!!-1 Simple Liquidation Le The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet stage in their liquidation process is presented below./ this ti8 eirtive Cash Other Assets $40,000 50,000 Liabilities Parks, Loan Cook, Capital Parks, Capital Argo, Capital Total $25,000 30,000 10,000 15,000 Total $90,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. Required: A. The partners wish Jo distribute the $40,090 in cash. Record in journal enty form the distribution of the available cash. They ase ret sellng anset.s.Sip P B. Record in journal entry form the completion of the liquidation process, assuming that $50,000 are sold for $15,000