Use the following information to answer the question(s) below. On June 30, 2014, the Able, Baker, and Charlie partnership had the following fiscal year-end

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Use the following information to answer the question(s) below. On June 30, 2014, the Able, Baker, and Charlie partnership had the following fiscal year-end balance sheet: Cash $ 8,000 Accounts payable $14,000 Accounts receivable 12,000 Loan from Charlie 10,000 Inventory 28,000 Able, capital (20%) 28,000 Plant assets-net 24,000 Baker, capital (20%) 20,000 Loan to Able 12,000 Charlie,capital (60%) 12,000 Total assets $84,000 Total liab./equity $84,000 The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the partnership on July 1, 2014, and began the liquidation process. During July the following events occurred: * Receivables of $6,000 were collected. All inventory was sold for $8,000. All available cash was distributed on July 31, except for $4,000 that was set aside for contingent expenses.