Liquidating Partnerships

Prior to liquidating their partnership, Ellis and Montgomery had capital accounts of $18,000 and $26,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $52,000. The partnership had $1,000 of liabilities. Ellis and Montgomery share income and losses equally.

Determine the amount received by Montgomery as a final distribution from liquidation of the partnership.