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Prepare a proposed schedule of liquidation

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Problem - 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 3:3:2:2, respectively.

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

Reference no: EM132708793

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