The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash Other Assets $37,000 52,000 Liabilities Parks, Loan Cook, Capital Parks, Capital Argo, Capital Total $24,000 9,000 31,000 10,000 15,000 $89,000 Total $89,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. (a) Your answer is partially correct. Try again. The partners wish to distribute the $37,000 in cash. Record in journal entry form the distribution of the available cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Liabilities 24000 Cash 24000 (To record payment of liabilities) X Cook, Capital 15400 Argo, Capital 4600 Cash 20000 (To record distribution to partners) (b) Record in journal entry form the completion of the liquidation process, assuming that the other assets of $52,000 are sold for $17,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To record sale of other assets) (To record repayment of loan) (To record distribution to partners)