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 36.668 26.ee 20.000 99,500 Cash Accounts Receivable (net) Inventory Plant and Equipsent (net) Accounts Payable Per capital Evan, Capital Torves, Capital Tota! $ 11,5 61,080 $1,500 28.800 $152, iee 3152, 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 S106,000 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 negouated. Required: Prepare a cash distribution plan as of June 30, 20X1. showing how much cash each partner will receive in the partners accept the offer to sell the assets PET PARTNERSHIP Cash Distribution Plan June 30, 20X1 Loss Absorption Potential Peri Evan Tarver Capital Accounts Evan Pen Torves 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 receive If the partners accept the offer to sell the assets Cena June 2011 Los Absorption Potential Hen F Torres Capital Accounts Ewan Turre Profit and loss percentages Preliquidation capital balances Los absorption potential capital balances loss percent Degrase highest LAP to next highest 5 os 0 5 015 5 0 5 Deprese LAPA to next highest 3 03 O 5