Exercise 16-4 Your answer is partially correct. Try again. The ABC Partnership is in the process of liquidation. The account balances prior to liquidation are given below: Debits Cash Amos, Drawing Boone, Drawing Childs, Drawing Operating Loss Liquidation Loss $68,000 9,000 15,000 18,000 21,000 13,000 $144,000 Credits Liabilities $28,000 Boone, Loan 8,000 Childs, Loan 27,000 Amos, Capital 54,000 Boone, Capital 17,000 Childs, Capital 10,000 $144,000 The partners share profits in the following ratio: Amos, 1/5; Boone, 2/5; Childs, 2/5. Prepare a schedule showing the calculations of the distribution of cash under the Uniform Partnership Act, assuming that all three partners have personal liabilities in excess of their personal assets. (Round answers to o decimal places, e.g. 5,125. Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) (1/5) Amos (2/5) Boone (2/5) Childs Capital Balances -54000 -17000 -10000 Drawing Account 9000 15000 18000 x Loans 0 8000 27000 Operating Loss 4200 8400 8400 Liquidation Loss 2600 5200 5200 X x -38200 19600 48600 Allocate Debit Balance 6533 -19600 13066 Cash Distribution -31667 61666 Click if you would like to Show Work for this question: Open Show Work