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, $126,000; total liabilities, $78,000; Turner, Capital, $2,500; Roth, Capital, $14,000; and Lowe, Capital, $31,500. Cash received from selling the assets was sufficient to repay all but $28,000 to the creditors. Exercise 12-14 Liquidation of limited partnership LO P5 Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $28,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Sale of Assets Amount to be Repaid to Partnership Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. Calculate sale of assets. (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Total book value of assets $ 78,000 Total liabilities before liquidation $126,000 Total liabilities remaining after paying proceeds of asset sales to creditors Cash proceeds from sale of assets 2,500 Loss on sale of assets 31,500 $ 14,000 Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $28,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Sale of Assets Amount to be Repaid to Partnership Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $28,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Calculate Gain (Loss) on Sale of Assets Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Allocation of Lowe's Deficit to Turner and Roth Allocation of Lowe's deficit to Turner and Roth Capital balances after deficit allocation Amount to be repaid to partnership 1/10 Turner $ 2,500 7,600 4/10 $ 5,100 Roth $ 14,000 30,400 $ 16,400 Lowe $ 31,500 Total $ 48,000 5/10 38,000 $ 6,500 76,000 $124,000 Turner Roth 1/10 3,233 4/10 323 $ 8,333 $ 16,723 $ 7,600 x $ 4,743 ( < Sale of Assets Lowe Total (3,556) 0 $ 0 $ 25,056 $ 7,633 $ 25,056 Amount to be Repaid to Partnership