The ELJ Partnership has asked you to assist in winding up its business affairs. You compile the following information:

The partnership$$s trial balance on August $31,2021,$ is:

The partners share profits and losses as follows: Esteban, $45$ percent; Lenor, $35$ percent; and Jack, $20$ percent.

The partners are considering an offer of $$120,000$ for the firm$$s accounts receivable, inventory and plant and equipment as of August $31,2021.$ The $$120,000$ will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated.

Requirements

Prepare a cash distribution plan as of August $31,2021,$ showing how much cash each partner will receive if the partners accept the offer to sell the assets.