Partners in the ABCD Partnership decided to dissolve their partnership. On that date, the partners had the following pre-liquidation capital balances: Partner A $28,000 Partner B 41,000 Partner C...

Partners in the ABCD Partnership decided to dissolve their partnership. On that date, the partners had the following pre-liquidation capital balances:

A, B, C, and D share residual profits and losses in a 4:3:2:1 ratio.

Liabilities at the date of dissolution total $100,000, and noncash assets equal $105,000. During the first month of liquidation, assets having a book value of $55,000 were sold for $31,000. During the second month, assets having a book value of $32,000, were sold for $28,000. During the third month, the remaining unsold assets were determined to be worthless. The partners receive the maximum allowable payment at the end of each month.