The partners in Wildhorse Company decide to liquidate the firm when the balance sheet shows the following Wildhorse Company Balance Sheet May 31, 2022 Assets Liabilities and Owners' Equity Cash $28,900 Notes payable $13,400 Accounts receivable 24,100 Accounts payable 27,500 Allowance for doubtful accounts (1,300 ) Salaries and wages payable 4,400 Inventory 34,900 A. Jamison, capital 32,700 Equipment 20,400 S. Moyer, capital 20,500 Accumulated depreciation-equipment (5,800 ) P. Roper, capital 2,700 $101,200 $101,200 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 $51,600 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full.