Michael Buble, Kim Cattrall and Bryan Adams were partners in a Lloydminster bike shop. The partners share incomes and losses in the ratio of 4:3:1. The partners agreed to liquidate the partnership and are able to sell the inventory and equipment for $210,000 on Jan 1, 2022.

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. The partnership showed the following account balances as of December 31, 2021:

Account Balance	Cash	Inventory	Equipment	Accumulated Depreciation, Equipment	Accounts Payable	Buble Capital	Cattrall Capital	Adams Capital
Dec 31/21	$85,000	$120,000	$180,000	$120,000	$55,000	$70,000	$60,000	$80,000