Situation Three

The distribution percentages for each partner are

Kendra $50\%$

Cobb $30\%$

Mel $20\%$

KCM Partnership Inc. is liquidated when its ledger shows the following assets, liabilities and owners' equity accounts.

$\backslash$table$[[$Assets$,,$Liabilities and Capital,$],[$Cash$,$$$76,000,$Accounts Payable,$$24,000$