The Partnership of Georgia, Holly, and Izzy was dissolved, and by July 1, 2014, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on July 1, 2014 (with partner residual profit and loss sharing percentages) was as follows:

Cash $10,000

Total Assets = $10,000

Georgia Capital (40%) ($20,000)

Holly Capital (30%) ($10,000)

Izzy Capital (30%) $40,000

Total Liability / Equity = $10,000

The Value of the partners' personal assets and liabilities on July 1, 2014 were as follows:

Personal Assets:

Georgia $45,000

Holly $30,000

Izzy $25,000

Personal Liabilities:

Georgia $30,000

Holly $20,000

Izzy $10,000

PREPARE THE FINAL STATEMENT OF PARTNERSHIP LIQUIDATION