Liquidation schedule-positive capital accounts The ABC partnership reports the following condensed balance sheet:

Cash	$487,500		Liabilities	$600,000
Noncash assets	956,250		Partner A, capital	337,500
			Partner B, capital	337,500
			Partner C, capital	168,750
Total assets	$1,443,750		Total liabilities and partner capital	$1,443,750

The partners wish to liquidate the partnership. The noncash assets are sold for $750,000 with the loss distributed to the partners in the ratio of 30%/30%/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. Round answers to the nearest whole number, if needed.

Liquidation Schedule of ABC Partnership
					-----Capital Accounts-----
	Cash	Noncash Assets	Liabilities		A	B	C
Capital account, prior to liquidation	Answer	Answer	Answer		Answer	Answer	Answer
Sale of noncash assets	Answer	Answer	Answer		Answer	Answer	Answer
	Answer	Answer	Answer		Answer	Answer	Answer
Payment of creditors	Answer	Answer	Answer		Answer	Answer	Answer
	Answer	Answer	Answer		Answer	Answer	Answer
Distribution to partners	Answer	Answer	Answer		Answer	Answer	Answer
Post-liquidation balances	Answer	Answer	Answer		Answer	Answer	Answer