Liquidating Partnerships

Prior to liquidating their partnership, Parker and Xi had capital accounts of $40,000 and $75,000, 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 $155,000. The partnership had $10,000 of liabilities. Parker and Xi share income and losses equally.

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