On December $31,2010,$ the Kelly & Paine Partnership had the following assets, liabilities, and partners' equity:

Assets Liabilities Kelly, Paine,

$$120,000=$$$15,000+$ Capital $,$ Capital

$$60,000+$$$45,000$

When the partners agreed to liquidate the business, the assets were sold for $$90,000$ and the liabilities were paid. Kelly and Paine share profits and losses in a ratio of $2$:$1,$ respectively.