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The partnership of King, Queen and Page has experienced operating losses for three consecutive years. The partners, who shares profits and losses in the ratios of King of 15%; Queen of 60%; and Page of 25%, are liquidating the business. The following is the condensed balance at December 31, 2018.

Cash $ 7,000 Accounts Payable $63,000

Noncash Assets 163,000 King, Capital 24,000

Queen, Capital 66,000

Page, Capital 17,000

Total Assets 170,000 Total Liabilities and Capital 170,000

Requirements:

Prepare a liquidation (cash payments) schedule assuming the noncash assets are sold for $103,000.