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! Required Information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.) Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $126,000; total liabilities, $78,000, Turner, Capital, $2,500; Roth, Capital, $14,000, and Lowe, Capital, $31,500. The liquidation resulted in a loss of $76,000. Exercise 12-13 (Static) Liquidation of partnership LO P5 Required: a. Allocate the loss to the partners. b. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency Exercise 12-13 (Static) Liquidation of partnership LO P5 Required: a. Allocate the loss to the partners. b. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Complete this question by entering your answers in the tabs below. Required A Required B Allocate the loss to the partners. (Losses and deficits should be indicated with a mince sign) Roth Turner $ 2,500 7,000 $ 14.000 Initial capital balances Allocation of gains (osos) Capital balances after gains (osses) $ Lowe Total 31.500 48,000 7,600 $ 55,800 Required B > Exercise 12-13 (Static) Liquidation of partnership LO P5 Required: a. Allocate the loss to the partners. b. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency Complete this question by entering your answers in the tabs below. Required A Required B Determine how much each partner should contribute to the partnership to cover any remaining capital de ciency. Turner Roth Lowe Total S 0 Capital balance deficiency