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$37,000Liabilities$24,000Other Assets53,000Parks, Loan11,000Cook, Capital30,000Parks, Capital9,000Argo, Capital16,000Total$90,000Total$90,000

The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent.

(a)

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The partners wish to distribute the $37,000 in cash. Record in journal entry form the distribution of the available cash

(B) Record in journal entry form the completion of the liquidation process, assuming that the other assets of $53,000 are sold for $14,000