2. On September 1, 2016, assets with a book value of $70,000 were sold for $82,000. Prior to any further liquidation of assets, all available cash other than $10,000 held for future expenses was to be...

2. On September 1, 2016, assets with a book value of $70,000 were sold for $82,000. Prior to any further liquidation of assets, all available cash other than $10,000 held for future expenses was to be distributed to the partners on September 15, 2016.

1. Prepare a schedule analyzing the partners’ capital prior to liquidation of the partnership. Assume use of the bonus method to record all changes in the ownership structure of the partnership.

2. Prepare a schedule of cash payments on September 15, 2016, of the liquidation, showing how the available cash was distributed. Supporting calculations should be in good form.