he Pen, Evan, and Torves Partnership have asked you to assist in winding-up its business affairs. You compile the following information.

1.

The partnership's trial balance on June 30, 20X1, is

Debit Credit

Cash $ 5,500

Accounts Receivable (net) 20,000

Inventory 11,500

Plant and Equipment (net) 90,000

Accounts Payable $ 14,200

Pen, Capital 51,300

Evan, Capital 42,500

Torves, Capital 19,000

Total $ 127,000 $ 127,000

2.

The partners share profits and losses as follows: Pen, 60 percent; Evan, 20 percent; and Torves, 20 percent.

3.

The partners are considering an offer of $104,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $104,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated.

Required:

A cash distribution plan as of June 30, 20X1, showing how much cash each partner will receive if the partners accept the offer to sell the assets.