Question 1 The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash Other Assets $41,000 53,000 Liabilities Parks, Loan Cook, Capital Parks, Capital Argo, Capital Total $31,000 11,000 28,000 10,000 14,000 $94,000 Total $94,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. (a) Your answer is partially correct. Try again. The partners wish to distribute the $41,000 in cash. Record in journal entry form the distribution of the available cash. (Credit account titles are automatically and enter o for the amounts.) Account Titles and Explanation Debit Credit Liabilities 31000 Cash 31000 (To record payment of liabilities) Cook, Capital 100000 X Argo, Capital 100000 cash 100000 (To record distribution to partners) SHOW LIST OF ACCOUNTS LINK TO TEXT