Is none the answer correct? 4. On December 1, 20X9, the partners of Tim, William, and Levin, who share profits and losses in the ratio of 4:4:2, decided to liquidate their partnership. On this date the partnership condensed balance sheet was as follows: Accounts Payable Cash $100,000 $390,000 Accounts 200,000 Note payable 30,000 Receivable Levin Inventory 400,000 Tim - Capital 100,000 Goodwill 20,000 William Capital 120,000 Levin - Capital 80,000 Total 720,000 Total 720,000 On December 11, 20X9, two events occurred; first, the cash sale of inventory with a book value of $200,000 was sold for $140,000. Second, receivables of $100,000 were collected and $10,000 were written off. Safe installments payments to the partner were made on the same date. How much cash should be distributed to each partner? None Tim Capital balances, September 1, 20X9 William 40% 40% (100,000) (120,000) Levin 20% (80,000) Receivables 200,000 Receivables Collected (100,000) Receivables Write-off (10,000) 3,600 6,000 2,400 Balance 90,000 Inventory Inventory Sold Inventory loss 400,000 (140,000) (60,000) 24,000 24,000 12,000 Balance 200,000 Goodwill 20,000 Goodwill Write-off (20,000) 8,000 8,000 4,000 Balance 0 Capital balances, September 30, 20X9 (64,400) (82,000) (61,600) ?????? Tim 40% William Levin 40% 20% Capital balances, September 30, 20X9 (64,400) (82,000) (61,600) Receivables 90,000 Inventory 200,000 Levin Loan 30,000 Liquidation Cost 0 Additional Possible Loss 320,000 Projected Partners Capital or Adjusted Balance Distribute Negative Balances 128,000 128,000 63,600 46,000 (63,600) (46,000) 64,000 66,400 (66,400) Safe Payment 0 0 0