Prior to liquidation, the accounting records of Garcia, Woods, and Mickelson included the following balances and profit-and-loss-sharing percentages:

The partnership sold the noncash assets for $78,500, paid the liabilities, and disbursed the remaining cash to the partners. Complete the summary of transactions in the liquidation of the partnership. Use the format illustrated in Exhibit 12-5.

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Capital Garcia Woods Mickelson Noncash Cash + Assets -Liabilities+ (40%) + (30%) + (30%) Balances before sale of assets $10,000 $62,500 $26,500 $20,000 $15,000 $11,000