Maxine, Rose and Melissa were partners in a Lloydminster bike shop and showed the following account balances as of December 31, 2020: Account Cash Inventory Equipment Accumulated Accounts Maxine Rose Melissa Balance Depreciation, Payable Capital Capital Capital Equipment Dec 31/20 $40,000 $120,000 $180,000 $120,000 $55,000 20,000 $40,000 $60,000 The partners share incomes and losses in the ratio of 4:3:1 for Maxine, Rose and Melissa. The partners agreed to liquidate the partnership and are able to sell the inventory and equipment for $250,000 on Jan 1, 2021. Required Prepare calculations showing how the distribution of assets is determined for the partners and prepare the entry to distribute the remaining cash to the partners assuming any deficiencies are paid by the partners