Gordon, Hightower, and Mills are members of Capital Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members' equity prior to liquidation and asset realization on May 1, 2010, are as follows:

Gordon $15,000
Hightower 35,000 
Mills 22,000
Total $72,000

In winding up operations during the month of May, noncash assets with a book value of $94,000 are sold for $116,500, and liabilities of $30,000 are satisfied. Prior to realization, Capital Sales has a cash balance of $8,000.

(a) Prepare a statement of LLC liquidation.

(b) Provide the journal entry for the final cash distribution to members.