The partnership of Minneapolis, St. Paul, and Rochester has discontinued their business and decided to liquidate. They have asked you to distribute the current cash (as appropriate using the SAFE PAYMENT APPROACH). Their current balance sheet is below.

Partnership Agreement Information: The partners share profit (loss) equally. The three partners are all insolvent.

Required: Prepare the journal entry(s) necessary to record the distribution of the current available cash (make sure you follow the safe payment approach procedures to determine proper payout. Make the journal entries and show your calculations below.

After the completion of the available cash (previous page), what is the remaining (updated) capital balance for each partner?

Minneapolis - ____________

St. Paul - ____________

Rochester - ____________

Assuming the initial available cash was properly distributed (work performed on previous page) to each partner (as determined by the safe payment approach) complete the partnership liquidation under the following key assumptions:

Accounts Receivable is collected in full

Other Assets sold for $350,000

Make the necessary journal entry(s) and show your work below.

Assets &50,000 Cash Accounts Receivable 150,000 600,000 Other Assets Total Assets Liabilities Notes Payable 540,000 IS 540,000 Total Liabilities Partner Capital 425,000 Partner Capital -Minneapolis Is 475,000 Partner Capital-St. Paul 160,000 Partner Capital Rochester 1.060,000 Total Partner Capital Total Liabiities and Partnercapital 1,600,000