Question 5) After discontinuing the ordinary business operations and closing the accounts, the ledger of the partnership of Ichabod, Jezebel, and Shadrack indicated the following: Cash...................$25,000 Noncash assets.........$74,000 Liabilities.....................................$50,000 Ichabod, Capital..........................$17,500 Jezebel, Capital...........................$15,500 Shadrack, Captital.......................$16,000 $99,000 $99,000 The partners share net income in the ratio of 2:1:1. Between May 7-30, the noncash assets were sold for $14,000, the liabilities were paid and the remaining cash was distributed to the partners. All partners in a deficit position were able to find enough cash to cover their shortages.