[The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $135,600; total liabilities, $86,000; Turner, Capital, $3,300; Roth, Capital, $14,400; and Lowe, Capital, $31,900. Cash received from selling the assets was sufficient to repay all but $32,000 to the creditors.

Complete this question by entering your answers in the tabs below.

• Sale of Assets
• Amount to be Repaid to Partnership

Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $32,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.)

Calculate Gain (Loss) on Sale of Assets
		Turner		Roth		Lowe	Total
Initial capital balances		$3,300		$14,400		$31,900	$49,600
Allocation of gains (losses)	1/10	(8,160)	4/10	(32,640)	5/10	(40,800)	(81,600)
Capital balances after gains (losses)		$(4,860)		$(18,240)		$(8,900)	$(32,000)
Allocation of Lowe's Deficit to Turner and Roth
		Turner		Roth		Lowe	Total
Allocation of Lowe's deficit to Turner and Roth	1/5		4/5
Capital balances after deficit allocation		$(6,640)		$(25,360)		$0	$(32,000)
Amount to be repaid to partnership