MNO Enterprises, a Partnership, Is About to Begin Liquidation Partnership Liabilities Total $500,000

MNO Enterprises, a partnership, is about to begin liquidation. It is anticipated that the process of selling the company's assets will occur over time. However, the partners would like to receive cash distributions as asset sales occur. Capital accounts and income sharing percentages are as follows:
$$\begin{array} { | l | c | c | } \hline & \text { Capital Balance } & \text { IncomeSh are } \\\hline \text { Maya Smith } & \$ 150,000 & 30 \% \\\hline \text { Norton Johnson } & 210,000 & 15 \% \\\hline \text { Oswald Brown } & 110,000 & 55 \% \\\hline \text { Total } & \$ 470,000 & 100 \% \\\hline\end{array}$$ Partnership liabilities total $500,000.
Required
a. Prepare a cash distribution plan.
b. Partnership assets are sold for $800,000. Determine how the $800,000 is distributed among creditors and partners.