Ivanhoe Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash $$64,100$; Oakley, Capital $($Cr$.)$ $$47,000$; Quaney, Capital $($Dr$.)$ $$18,900$; and Ellis, Capital $($Cr$.)$ $$36,000.$ The income ratios of the three partners are $2$:$4$:$4,$ respectively.

Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

$($To record write$-$off of capital deficiency$)$

$$

$$

$$

$($To record distribution of cash to the partners$)$