The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. On May 31, the liquidation resulted in a loss of $405,000.

Assume that the partner with a deficit pays cash to cover the deficit. Prepare the journal entries on May 31 to record

(a) the cash received to cover the deficit and (

b) the final disbursement of cash to the partners.