PROBLEM 5 The following balance sheet was prepared for ABC Partnership, whose partner's share net income and losses in the ratio of 3:1:1 respectively: Cash $ 40,000 Liabilities $ 70,000 Other assets 140,000 Abe, Capital 50,000 Ben, Capital 50,000 Cher, Capital 10,000 Totals $180,000 $180,000 ======= ======= The partners liquidate the partnership. Other assets are realized for $80,000 Prepare a working paper to compute the amount of cash that may be paid to creditors and to partners at this time assuming that all partners are insolvent