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 Hardy, capital Dennard, capital Suddath, capital $ 98,500 84,000 15,000 99,000 Bell's creditors have filed a $40,000 claim against the partnership's assets. The partnership currently holds assets of $490,000 and liabilities of $193,500. An independent appraiser indicates that the assets can be sold for $285,000. 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. Cash BELL, HARDY, DENNARD, AND SUDDATH PARTNERSHIP Statement of Partnership Liquidation (Hypothetical) Assets Liabilities Bell, Capital 40% Hardy, Capital 30% Dennard, Capital 20% Suddath, Capital 10% Balances Sale of assets Subtotal $ 0 0 0 0 0 0 Pay liabilities Subtotal $ 0 $ 0 $ 0 $ 0 $ FA 0 $ 0 $ 0 Allocate deficit Subtotal GA 0 0 $ 0 Distribute cash Ending balances $ 0 $ 0 $ 0 GA 69 0 $ 0 66 0 $ 0 $ 0 $ 0 $ 0 $ 0