required Ion Use the following Information for the Exercises below. The following information applies to the questions displayed below.) Tumer, Roth, and Lowe are partners who share Income and loss in a 1:4:5 ratio in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, S174,000, total liabilities, $118,000, Turner, Capital, $6,500 Roth, Capital, $16,000, and Lowe. Capital, $33,500. Cash received from selling the assets was sufficient to repay all but $48,000 to the creditors. Exercise 12-13 Liquidation of partnership LO P5 Required: a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency Complete this question by entering your answers in the tabs below. Required A Required B Required Allocate the loss from part a to the partners. (Louses and delicits should be indicated with a minus sign) Lowe Tumor $ 6,500 Roth $ 16,000 Total 56,000 $ 33,500 $ Initial capital balances Alocation of gains (sees) Capital balances after gains (losses) 0 Required A Required b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any re + Complete this question by entering your answers in the tabs below. Requires Required B Required Calculate the loss from selling the assets. Liabilities before liquidation Proceeds from sale of assets (paid to creditors) Remaining liabilities Proceeds from sale of assets Book value of assets sold $ 118,000 118,000 $ 0 $ 48,000 S