Liquidating Partnerships
Prior to liquidating their partnership, Ellis and Brooks had capital accounts of $48,000 and $71,000, respectively. Prior to liquidation, the
partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $133,000. The
partnership had $4,000 of liabilities. Ellis and Brooks share income and losses equally.
Determine the amount received by Ellis as a final distribution from liquidation of the partnership.