Question: I am having problems calculating Cook and Argo Capital and Cash for the journal entry. Can you help me with these calculations? I was able

I am having problems calculating Cook and Argo Capital and Cash for the journal entry. Can you help me with these calculations? I was able to get the first journal entry, but I do not know how to get the following where the xxx's are:

Cook, Capital xxx

Argo, Capital xxx

Cash xxx

The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below.

Cash

$42,000

Liabilities

$24,000Other Assets

49,000

Parks, Loan

10,000

Cook, Capital

32,000

Parks, Capital

11,000

Argo, Capital

14,000

Total

$91,000

Total

$91,000

The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent.

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