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Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $124,000; total liabilities, $93,000; Turner, Capital, $1,100; Roth, Capital, $7,975; and Lowe, Capital, $21.925. The cash proceeds from selling the assets were sufficient to repay all but $20,500 to the creditors. (a)Calculate the gain (loss) from selling the assets. $ 93,000 72,500 $ 20,500 Liabilities before liquidation Proceeds from sale of assets (paid to creditors) Remaining liabilities Proceeds from sale of assets Book value of assets sold Loss on sale of assets $ 72,500 124,000 $ 52,000 (b)Allocate the gain (loss) to the partners. (Do not round intermediate calculations. Losses and deficits should be indicated with a minus sign.) Turner $ Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Roth $ 7.975 (78,600) $ (78,600) 1.100 (110) 4/10 (110) Lowo Total $ 21,925 $ 31,000 (78,710) $ (98,250) $ (47.710) 1/10 5/10 $ es (c)Determine the amount of the remaining liability to be paid by each partner. (Do not round intermediate calculations.) Roth Lowo Total Turner $ 19,650 19,650 Liabilities to be paid by partner

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