Question: Please help. Every answer I have seen so far has been wrong. The book is no help with this. Exercise 16-1 The CPA Partnership operated

Please help. Every answer I have seen so far has been wrong. The book is no help with this.

Please help. Every answer I have seen so far has been wrong.

Exercise 16-1 The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process presented below. Cash Other Assets $41,000 48,000 Liabilities Parks, Loan Cook, Capital Parks, Capital Argo, Capital Total $27,000 9,000 29,000 9,000 15,000 $89,000 Total $89,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. (a) Your answer is partially correct. Try again. The partners wish to distribute the $41,000 in cash. Record in journal entry form the distribution of the available cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Liabilities 27000 27000 Cash (To record payment of liabilities) Cook, Capital 4400 Argo, Capital 9600 14000 Cash (To record distribution to partners)

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