Prepare entries to record absorption of capital deficiency and distribution of cash. Parsons Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances arc Cash $73,000; Oakley, Capital (Cr.) $47,000; Quaney, Capital (Dr.) $14,000; and Ellis, Capital (Cr.) $40,000. The income ratios of the three partners are 3:3:4, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances