The Nice, Rice, and Dice Partnership has not been successful. The partners have determined they must liquidate their partnership. The partners have agreed to liquidate the partnership. Prior to the liquidation, the partnership balance sheet reflects the following book values: Cash $18,000 Noncash assets 51,000 Note receivable-Nice 3,000 Other liabilities 20,000 Capital, Nice 6,000 Capital, Rice 30,000 Capital, Dice 16,000 Profits and losses are shared 45% to Nice, 35% to Rice, and 20% to Dice. A review of the individual partner's personal net worth reveals the following: Assets Liabilities Nice 165,000 162,000 Rice 200,000 110,000 Dice 185,000 90,000 The following transactions occur: a. Assets having a book value of $51,000 are sold for $22,000 cash b. Liabilities are paid, where possible c. Partners contribute from their personal net worth, according to RUPA Section 807 requirements