The partnership of Ace, Ben, Cid, and Don is dissolved on January 5, 2016, and the account balances at June 30, 2016, after all noncash assets are converted into cash, are as follows:

ADDITIONAL INFORMATION
1. The percentages indicated represent the relevant profit- and loss-sharing ratios.
2. Personal assets and liabilities of the partners at June 30, 2016, are as follows:

3. Ace pays $200,000 into the partnership, and partnership liabilities are paid on July 1, 2016.
4. On July 15, 2016, Cid pays $100,000 into the partnership and Don pays $80,000. No further contributions from either Cid or Don are possible.
5. Losses from the bankruptcy of Cid are divided among the solvent partners on July 15, 2016.
6. Available cash is distributed and the partnership books are closed on July 31, 2016.
REQUIRED:
Prepare a liquidation statement for the Ace, Ben, Cid, and Don Partnership for the period June 30, 2016, to July 31, 2016.

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Debits $200,000 170,000 80,000 Credits Cash Cid capital (20%) Don capital (10%) Accounts payable Ace capital (50%) Ben capital (20%) $400,000 40,000 10,000 $450,000 $450,000 Ace Ben Cid Don Personal Assets S600,000 100,000 400,000 100,000 Personal Liabilities S300,000 150,000 300,000 20,000