Reference no: EM132480951
The following balance sheet is for a local partnership in which the partners have become very unhappy with each other.
Cash $ 50,000 Liabilities $ 40,000
Land 180,000 Adams, capital 114,000
Building 170,000 Baker, capital 42,000
Carvil, capital 80,000
Dobbs, capital 124,000
Total assets $400,000 Total liabilities and capital $400,000
Point 1: To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an independent situation related to the partnership's liquidation.
Question 1: Assume that profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:4:2 basis, respectively. How much money must the firm receive from selling the land and building to ensure that Carvil receives a portion? (Do not round intermediate calculations.)
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