Liquidation schedule$-$positive capital accounts

The ABC partnership reports the following condensed balance sheet:

The partners wish to liquidate the partnership. The noncash assets are sold for $$450,000$ with the loss distributed to the partners in the ratio of $30\frac{\%}{30}\frac{\%}{40}\%$ to partner $A,B,$ and

C$,$ respectively. The liabilities are paid in full. Prepare a schedule detailing the liquidation of the assets, repayment of the liabilities, and distribution of the remaining cash to the

partners.

HINT: Use a negative sign with answers that reduce account balances.