Problem 2: Partnership Liquidation (4 Points) Ashley, Brian, and Carina have been in partnership for many years. The partners, who share profits and losses on a 2:4:4 basis, respectively, wish to retire and have agreed to liquidate the business. The partnership's pre-liquidation balance sheet is as follows: Debit Credit Cash $20,000 Receivable from Ashley 5,000 Noncash assets 150,000 Liabilities $40,000 Loan owed to Brian 8,000 Capital: Ashley 65,000 Brian 50,000 Carina 12,000 Total $175,000 $175,000 The firm sells the noncash assets for $120,000; it will use $6,000 of this amount to pay liquidation expenses. All three of these partners are personally insolvent and won't be able to contribute cash into the partnership should their capital balance become negative. The partnership's receivable from Ashley will be written off against her capital. Required: (1) What is the total amount of cash available for distribution to the partners (for their loan and capital) at the end of the liquidation? (1 point) Answer: (2) How should this amount of cash be distributed among the three partners? How much should each partner receive? (3 points) Ashley: Brian: Carina: