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A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent....

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Accounting

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's creditors have filed a $27,000 claim against the partnership's assets. The partnership currently holds assets of $360,000 and
liabilities of $133,000. An independent appraiser indicates that the assets can be sold for $220,000.
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.
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