Sunland Company wishes to liquidate the fi rm by distributing the companys cash to the three partners. Prior to the distribution of cash, the companys balances are Cash $ 63,000 ; Oakley,Capital (Cr.) $ 50,900 ; Quaney, Capital (Dr.) $ 15,960 ; and Ellis, Capital (Cr.) $ 28,060 . The income ratios of the three partners are 3 : 3 : 4 , respectively.

Prepare the entry to record the absorption of Quaneys capital deficiency by the other partnersand the distribution of cash to the partners with credit balances. (Credit account titles areautomatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

(To record write-off of capital deficiency)

Account Titles and Explanation	Debit	Credit

(To record distribution of cash to the partners)