PROBLEM 5 -20 points The following balance sheet was prepared for ABC Partnership, whose partner's share net income and losses in the ratio of 3:1:1 respectively: Cash $ 40,000 Other assets 140,000 Liabilities Abe, Capital Ben, Capital Cher, Capital $ 70,000 50,000 50,000 10,000 $180,000 Totals $180,000 The partners liquidate the partnership. Other assets are realized for $80,000. Prepare a working paper to compute the amount of cash that may be paid to creditors and to partners at this time assuming that all partners are a) Solvent b) Insolvent