Gilligan, Skipper, and Professor are partners with a profit and loss ratio of 4:3:3. The partnership was liquidated and, prior to the liquidation process, the partnership balance sheet was as follows: After the partnership was liquidated and the cash was distributed, Skipper received $96,000 in cash in full settlement of his interest. The liquidation loss must have been: GILLIGAN, SKIPPER, AND PROFESSOR Balance Sheet January 1, 2017 Assets Liabilities and Equity Cash s 60,000 S216,000 240,000 144,000 $600000 Total Liabilities & Equities$600,000 Gilligan, Capital Skipper, Capital Professor, Capital Other assets 540,000 Total Assets e Minimized View A. Gilligan, Skipper, and Professor are partners with a profit and loss ratio of 4:3:3. The partnership was liquidated and, prior to the liquidation process, the partnership balance sheet was as follows: After the partnership was liquidated and the cash was distributed, Skipper received $96,000 in cash in full settlement of his interest. The liquidation loss must have been: GILLIGAN, SKIPPER, AND PROFESSOR Balance Sheet January 1, 2017 Assets Liabilities and Equity Cash s 60,000 S216,000 240,000 144,000 $600000 Total Liabilities & Equities$600,000 Gilligan, Capital Skipper, Capital Professor, Capital Other assets 540,000 Total Assets e Minimized View A