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 Credit Debit $ 6,600 26,000 20,000 99,500 Cash Accounts Receivable (net) Inventory plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torves, Capital Total $ 11,500 61, eee 51,600 28,000 $152, 100 $152, 100 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 $106.000 for the firm's accounts receivable, Inventory, and plant and equipment as of June 30. The $106,000 will be paid to creditors and the partners in instaliments, the number and amounts of which are to be 3. The partners are considering an offer of $106,000 for the firm's accounts receivable, Inventory, and plant and equipment as of June 30. The $106.000 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 recelve if the partners accept the offer to sell the assets. HET PARTNERSHIP Cash Distribution plan June 10, 2031 Loss Alisation.Potential Pan Evan Torves Capital Acco Pen Torves Prost and loss percentages Preliquidation capital balances Lo absorption potential capital balances los parent) De highest LAP next highest $ ol os o 5 0 3 Decrease LAPs to net highest $ 5 $ $