ExerciseThe partnership of A B and C has the following account balances:- Cash $40 000- Note Receivable from B $10 000- Other assets $50 000- Note Payable to C: $20 000- Other liabilities: $20 000- A Capital: $30 000- B Capital: $50 000- C Capital: $(20 000)If partners are to receive cash in installments as if becomes available how should the cash be distributed at this time? Give any necessary journal entries and show all calculations.
