P14.15 Close Books and Prepare Cash Distribution Plan Arnold, Bell and Crane agree to liquidate their partnership as soon as possible. The partnership agreement calls for salaries of $50,000 and $70,000 for Arnold and Bell, respectively; any remaining profit or loss is divided in a 2:5:3 ratio. The preclosing trial balance for the partnership at July 31, 2020, the end of the firm's fiscal year, is: Chapter 14 Partnership Accounting and Reporting Account Debit Credit ......... $ 95.000 350,000 Cash ............. Other assets. ... Liabilities... Loan payableCrane.. Capital-Arnold .. CapitalBell. ....... CapitalCrane.. Sales. ............ Operating expenses... Drawings-Arnold .. Drawings-Bell..... DrawingsCrane..... $ 114,000 36,000 85,000 70,000 40,000 732,000 520,000 60,000 27,000 25,000 $1,077,000 Totais.................................................... $1,077,000 Required a. Prepare a schedule showing the balances in the capital accounts prior to liquidation. b. Prepare a cash distribution plan for the liquidation. c. Compute the amount that must be realized from the other assets to liquidate the liabilities and drive all capital accounts to zero. P14.15 Close Books and Prepare Cash Distribution Plan Arnold, Bell and Crane agree to liquidate their partnership as soon as possible. The partnership agreement calls for salaries of $50,000 and $70,000 for Arnold and Bell, respectively; any remaining profit or loss is divided in a 2:5:3 ratio. The preclosing trial balance for the partnership at July 31, 2020, the end of the firm's fiscal year, is: Chapter 14 Partnership Accounting and Reporting Account Debit Credit ......... $ 95.000 350,000 Cash ............. Other assets. ... Liabilities... Loan payableCrane.. Capital-Arnold .. CapitalBell. ....... CapitalCrane.. Sales. ............ Operating expenses... Drawings-Arnold .. Drawings-Bell..... DrawingsCrane..... $ 114,000 36,000 85,000 70,000 40,000 732,000 520,000 60,000 27,000 25,000 $1,077,000 Totais.................................................... $1,077,000 Required a. Prepare a schedule showing the balances in the capital accounts prior to liquidation. b. Prepare a cash distribution plan for the liquidation. c. Compute the amount that must be realized from the other assets to liquidate the liabilities and drive all capital accounts to zero