The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, is Cash $ Debit 7,500 Credit, Accounts Receivable (net) 44,000 Inventory 30,000 Plant and Equipment (net) 98,100 Evan, Capital Accounts Payable Pen, Capital Torves, Capital $ 11,100 70,000 59,500 39,000 Total $179,600 $179,600 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 25 percent; and Torves, 25 percent. 3. The partners are considering an offer of $115,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $115,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of June 30, 20X1, showing how much cash each partner will receive if the partners accept the offer to sell the assets. c Profit and loss percentages Preliquidation capital balances Loss absorption potential (capital balances / loss percent) Decrease highest LAP to next highest: Decrease LAPS to next highest: PET PARTNERSHIP Cash Distribution Plan June 30, 20X1 Loss Absorption Potential Pen Evan Torves Pen % Capital Accounts Evan Torves %