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 Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torves, Capital Total Debit $ 6,000 30,000 Credit 22,000 99,700 $ 10,100 63,000 53,400 32,000 $158,500 $158,500 2. The partners share profits and losses as follows: Pen, 50 percent, Evan, 30 percent, and Torves, 20 percent. 3. The partners are considering an offer of $108,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $108,000 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 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 Pen June 30, 20x1 Loss Absorption Potential Evan Torven Pen Capital Accounts Evan Torves 0 $ 0 $ 0 $ 0 $ 0 S $ 0 $ 0 $ 0 S 0 $ $