A partnership has the following account balances at the date of termination: Cash, $101,000; Noncash Assets, $765,000; Liabilities, $456,000; Bell, capital (50 percent of profits and losses), $185,000; Mann, capital (30 percent), $135,000; Scott, capital (20 percent), $90,000. The following transactions occur during liquidation: Noncash assets with a book value of $605,000 are sold for $505,000 in cash. A creditor reduces his claim against the partnership from $120,000 to $100,000, and this amount is paid in cash. The remaining noncash assets are sold for $130,000 in cash. The remaining liabilities of $336,000 are paid in full. Liquidation expenses of $25,000 are paid in cash. Cash remaining after the above transactions have occurred is distributed to the partners. Prepare a statement of partnership liquidation to determine how much cash each partner receives from the liquidation of the partnership. (Amounts to be deducted should be entered with a minus sign.) BELL, MANN, AND SCOTT PARTNERSHIP Statement of Partnership Liquidation Noncash Cash Assets Liabilities Tom $ 000 $ 49. 00 Bell, Capital Mann, Capital Scott, Capital (50%) (30%) (20%) $ 180 O $ 15 $ 1000 $ COCA . 000) A) Beginning balances Sale of noncash assets Pay liabilities Sale of remaining noncash assets Pay remaining liabilities Pay liquidation expenses Subtotal Distribution to partners Ending balances (2000) $ 1.100 $ 0 $ 0 $ $ 00.000 (40 TOSAD 600) 97,500 A 900 $ 0 $ 0 $ 0 $ $ 39,090