The Partnership of Clark, Davis, and Evans Has a Balance

The partnership of Clark, Davis, and Evans has a balance sheet as follows:
$\begin{array}{cccc} \text { Assets } & & \text { Liabilities } & \\\text { Cash } & \$ 50,000 & \text { Loan payable to Davis } & \$ 80,000 \\\text { Inventory } & 100,000 & \text { Other liabilities } & 400,000 \\ \text { Equipment } & 500,000 & \text { Liabilities } & 480,000 \\\text { Other assets } & 300,000 & \text { Capital } & \\ & & \text { Capital-Clark } & 120,000 \\ & & \text { Capital-Davis } & 180,000 \\ & & \text { Capital-Evans } & 170,000 \\& & \text { Total capital } & 470,000 \\& \$ \overline{950,000} & \text { Total } & \$ \overline{950,000} \\\end{array}$
The partners share income in a 3:1:1 ratio. The partnership is in the process of liquidation.
Required
a. Prepare a cash distribution plan.
b. Assume all cash is to be distributed to the partners as it becomes available. The inventory is sold for $65,000 and the equipment is sold for $485,000. How much cash is distributed to each partner?
c. Now assume the distribution in b. is made according to plan. Evans receives other assets with a book value of $150,000 and fair value of $80,000 as a distribution. Then the partnership receives $100,000 from the sale of other assets with a book value of $120,000. How should the $100,000 be distributed among the partners?