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

Debit CreditCash $ 5,600Accounts Receivable (net)23,500Inventory11,400Plant and Equipment (net)91,000Accounts Payable$ 19,500Pen, Capital51,000Evan, Capital41,000Torves, Capital20,000Total $ 131,500$ 131,500

2. The partners share profits and losses as follows: Pen, 60 percent; Evan, 20 percent; and Torves, 20 percent.

3. The partners are considering an offer of $103,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $103,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated.

Required:Compose 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.