The partnership of Wilson, Cho, and Arrington has the following account information:

Partner Capital Balance Share of Profits and Losses

Wilson $200,000 40%

Cho $180,000 20%

Arrington $110,000 40%

This partnership will be liquidated, and the partners are scheduled to receive cash equal to any ending positive capital balance. If a negative capital balance results, the partner is expected to contribute that amount.

Assume that losses of $50,000 occur during the liquidation followed later by additional and final losses of $100,000.

Required

1. Please, create a spreadsheet to determine the capital balances that remain for each of the three partners after these two losses are incurred.

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2.Modify this spreadsheet so that it can be used for different capital balances, different allocation patterns, and different liquidation gains and losses.

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