Use the following information for the Exercises below. [The following information applies to the questions displayed below) Turner, Roth, and Lowe are partners who share income and loss in a 14.5 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. Exercise 12-13 Liquidation of partnership LO P5 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 Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required A Required B Required Calculate the loss from selling the assets. Liabilities before liquidation Proceeds from sale of assets (paid to creditors) Remaining liabilities Proceeds from sale of assets Book value of assets sold Required A Required B Required Allocate the loss from part a to the partners. (Losses and delicits should be indicated with a minus sign) Total Turner $ 5,500 Roth 15,500 Lowe 33 000 $ $ $ 54.000 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Required A Required B Required 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