Richard and Overhill are equal partners in the R & O Roofing firm. In the process of ending the business, they sell all of the partnerships' non-cash assets. Listed below are the assets and liabilities of the business:

Assets

Cash in Bank $10,000

Accounts Receivable $6,000

Merchandise Inventory $21,000

Equipment $30,000

Liabilities

Accounts Payable $7,750

Partner's Equity

Richard's Capital $29,625

Overhill's Capital $29,625

Liquidation Transactions

a. Customers will pay their accounts in full before the liquidation date. Receipt No. 35.

b. Merchandise inventory was sold for $20,000 resulting in $1,000 loss to the partnership.Receipt No. 36.

c. Equipment was sold for $35,000 resulting in a gain of $5,000. Receipt No. 37.

d. Accounts payable will be paid in full. Check No. 309.

1. Complete the liquidation transactions outlined above. 2. How much cash will each partner receive at the final liquidation?