Saved Help Save 1 1 8 015051 A partnership has the following account balances at the date of termination: Cash, $90,000: Noncash Assets, $710,000; Liabilities, $378,000: Bell, capital (50 percent of profits and losses). $200,000, Mann, capital (30 percent). $135.000; Scott, capital (20 percent), $87,000. The following transactions occur during liquidation: Noncash assets with a book value of $550,000 are sold for $450,000 in cash. A creditor reduces his claim against the partnership from $120,000 to $110,000, and this amount is paid in cash. The remaining noncash assets are sold for $130,000 in cash The remaining liabilities of $258.000 are paid in full Liquidation expenses of $19.000 are paid in cash. Cash remaining after the above transactions have occurred is distributed to the partners. Prepare a statement of partnership liquidation to determine how much cash each partner receives from the liquidation of the partnership (Amounts to be deducted should be entered with a minus sign.) BELL, MANN, AND SCOTT PARTNERSHIP Statement of Partnership Liquidation Cash Noncash Liabetes Bell Capital Mann, Capital Bon Canal (50%) (30% Beginning balances Sale of noncash assets Pay liabilities Sale of remaining noncash assets Pay remaining abilities Pay squidation expenses Subtotal Distribution to partners Ending balances