The partners in Salmon Company decide to liquidate the firm when the balance sheet shows the following. SALMON COMPANY Balance Sheet April 30, 2017 Assets Liabilities and Owners' Equity Cash $28,000 Notes payable $16,000 Accounts receivable 19,000 Accounts payable 24,000 Allowance for doubtful accounts (1,000) Salaries and wages Inventory 28,000 payable 2,000 Equipment 17,000 Melton, capital 23,000 Accumulated depreciation-equipment Total (10,000) Peters, capital 11,200 $81,000 Abbott, capital 4,800 Total $81,000 The partners share income and loss 5:3:2. During the process of liquidation, the transac- tions below were completed in the following sequence. 1. A total of $43,000 was received from converting noncash assets into cash. 2. Liabilities were paid in full. 3. Cash was paid to the partners with credit balances. Instructions (a) Prepare a cash distribution schedule. (b) Prepare the entries to record the transactions. (c) Post to the cash and capital accounts.