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Prior to the distribution of cash to the partners, the accounts in the Crane Company...

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Accounting

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Prior to the distribution of cash to the partners, the accounts in the Crane Company are Cash $37,600; Vogel, Capital (Cr)$21,400; Utech, Capital (Cr.) $19,400; and Pena, Capital (Dr.) $3,200. The income ratios are 5:3:2, respectively, Crane Company decides to liquidate the company. (a) Your answer is partially correct. Prepare the entry to record (1) Pena's payment of $3,200 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit occount titles are automatically indented when amount is entered. Do not indent manually)

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