A partnership has the following account balances at the date of termination: Cash, $80,000, Noncash Assets,...

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A partnership has the following account balances at the date of termination: Cash, $80,000, Noncash Assets, $660,000; Liabilities, $320,000; Alonso, capital (50 percent of profits and losses), $200,000: Mann, capital (30 percent), $120,000; Suzuki, capital (20 percent), $100,000. The following transactions occur during liquidation: Noncash assets with a book value of $500,000 are sold for $400,000 in cash. . A creditor reduces his claim against the partnership from $120,000 to $100,000, and this amount is paid in cash. The remaining noncash assets are sold for $130,000 in cash. The remaining liabilities of $200,000 are paid in full. Liquidation expenses of $24,000 are paid in cash. . Cash remaining after the above transactions have occurred is distributed to the partners Required: Prepare a statement of partnership liquidation to determine how much cash each partner receives from the liquidation of the partnership. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances Sale of noncash assets Pay liabilities Sale of remaining noncash assets Pay remaining liabilities Pay liquidation expenses Subtotal Distribution to partners Ending balances + ALONSO, MANN, AND SUZUKI PARTNERSHIP Statement of Partnership Liquidation Cash Alonso, Mann, Suzuki, Noncash Liabilities Capital Capital Capital Assets (50%) (30%) (20%) S 0 $ 0 $ 0 $ 0 S 0 S 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 A partnership has the following account balances at the date of termination: Cash, $80,000, Noncash Assets, $660,000; Liabilities, $320,000; Alonso, capital (50 percent of profits and losses), $200,000: Mann, capital (30 percent), $120,000; Suzuki, capital (20 percent), $100,000. The following transactions occur during liquidation: Noncash assets with a book value of $500,000 are sold for $400,000 in cash. . A creditor reduces his claim against the partnership from $120,000 to $100,000, and this amount is paid in cash. The remaining noncash assets are sold for $130,000 in cash. The remaining liabilities of $200,000 are paid in full. Liquidation expenses of $24,000 are paid in cash. . Cash remaining after the above transactions have occurred is distributed to the partners Required: Prepare a statement of partnership liquidation to determine how much cash each partner receives from the liquidation of the partnership. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances Sale of noncash assets Pay liabilities Sale of remaining noncash assets Pay remaining liabilities Pay liquidation expenses Subtotal Distribution to partners Ending balances + ALONSO, MANN, AND SUZUKI PARTNERSHIP Statement of Partnership Liquidation Cash Alonso, Mann, Suzuki, Noncash Liabilities Capital Capital Capital Assets (50%) (30%) (20%) S 0 $ 0 $ 0 $ 0 S 0 S 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0