The partners in Oriole Company decide to liquidate the firm when the balance sheet shows the following. Oriole Company Balance Sheet May 31, 2022 Assets Liabilities and Owners' Equity Cash $28,400 Notes payable $13,400 Accounts receivable 25,400 Accounts payable 27,500 Allowance for doubtful accounts (1,500) Salaries and wages payable 3,800 Inventory 34,500 A. Jamison, capital 33,600 Equipment 21,000 S. Moyer, capital 20,600 Accumulated depreciation-equipment (5,900) P. Roper, capital 3,000 $101,900 $101,900 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. A total of $50,500 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances.