The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information.

1. The partnerships trial balance on June 30, 20X1, is

Debit Credit Cash $ 5,600 Accounts Receivable (net) 23,500 Inventory 11,400 Plant and Equipment (net) 91,000 Accounts Payable $ 19,500 Pen, Capital 51,000 Evan, Capital 41,000 Torves, Capital 20,000 Total $ 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 firms 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.