14) At the end of 2010, the partnership of Piatta, Ragoo, and Sauss was dissolved. By February 1, 2011, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on February 1, 2011 (with partner residual profit and loss sharing percentages) was as follows:
Ragoo, capital (40%)(180,000)
Sauss, capital (40%) 380,000
Total assets$ 220,000Total equity$ 220,000
The value of partners' personal assets and liabilities on February 1, 2011 were as follows:
Prepare the final statement of partnership liquidation.