Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $162,000; total liabilities, $108,000; Turner, Capital, $5,500; Roth, Capital, $15,500; and Lowe, Capital, $33,000. Cash received from selling the assets was sufficient to repay all but $43,000 to the creditors.

Required: a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency.

Liabilities before liquidation Proceeds from sale of assets (paid to creditors) Remaining liabilities Proceeds from sale of assets Book value of assets sold $ 108,000 65,000 $ 43,000 $ 65,000 . 162,000 $ 97,000 Loss on sale of assets Complete this question by entering your answers in the tabs below. Required A Required B Required C Allocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.) Roth Lowe Total Turner $ 5,500 $ 15,500 $ 33,000 $ 54.000 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) 1/10 4/10 5/10 0 Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Turner Roth Lowe Total Amount to be contributed to the partnership: 0