Jan, Kim, and Lee announce plans to liquidate their partnership immediately. The assets, equities, and profit and loss sharing ratios are summarized as follows.

The other assets are sold for $120,000, and an overlooked bill for landscaping services of $5,000 is discovered. Kim cannot pay her partnership debt at the present time, but she expects to have the money in a month ortwo.

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Loan to Kim Other assets $ 20,000 $ 60,000 Accounts payable Jan capital (50%) Kim capital (30%) Lee capital (20%) 180,000 $200,000 59,000 52,000 $200,000