On August 3, the firm of Chapelle, Rock, and Pryor decided to liquidate its partnership. The partners have capital balances of $47,000, $67,000, and $10,000, respectively. The cash balance is $14,000, the book values of noncash assets total $145,000, and liabilities total $35,000. The partners share income and losses in the ratio of 2:2:1. Required: 1. Prepare a statement of partnership liquidation, covering the period August 329, for each of the following independent assumptions: a. All of the noncash assets are sold for $194,000 in cash, the creditors are paid, and the remaining cash is distributed to the partners.