Problem $15-6($Algo$)($LO $15-4)$

A partnership is considering possible liquidation because one of the partners $($Bell$)$ is personally insolvent. Profits and losses are divided on a $4$:$3$:$2$:$1$ basis, respectively. Capital balances at the current time are

Bell, capital $ $103,500$

Hardy, capital $90,000$

Dennard, capital $13,000$

Suddath, capital $101,000$

Bell$$s creditors have filed a $$42,000$ claim against the partnership$$s assets. The partnership currently holds assets of $$510,000$ and liabilities of $$202,500.$ An independent appraiser indicates that the assets can be sold for $$295,000.$

Required:

Prepare a statement of partnership liquidation to determine the amount of cash that Bell would receive from the sale of partnership assets.

Note: Amounts to be deducted should be entered with a minus sign.