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How cash could be safely distributed to the partners

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Reference no: EM132674028

A partnership held three assets: Cash, $13,000; Land, $45,000; and a Building, $65,000. There were no recorded liabilities. The partners anticipated that expenses required to liquidate their partnership would amount to $6,000. Capital account balances were as follows:

King, Capital $32,700

Murphy, Capital 36,400

Madison, Capital 26,000

Pond, Capital 27,900

The partners shared profits and losses 3:3:212, respectively.

Required:

Problem 1: Prepare a proposed schedule of liquidation, showing how cash could be safely distributed to the partners at this time.

Reference no: EM132674028

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