On December 31, 2016 the partnership of earth, wind and fire decided to liquidate. Their capital balances on that date were $50,000, $30,000, and $9,000 respectively. Gains and losses were allocated on a 2:1:1 basis. At the time of distribution the partnership had cash totaling $9,000 non cash assets with a book value of $120,000 and accounts payable of $40,000. The non cash assets were sold for $60,000