The partnership of Dodd, Gage, and Hamm is liquidating. Business assets, liabilities, and partners' capital balances prior to liquidation follow. The partners share profits and losses as follows: Dodd, \(20 \%\); Gage, \(30 \%\); and Hamm, \(50 \%\).

Requirement 

Create a spreadsheet or solve manually-as directed by your instructorto compute the ending balances in all accounts after the noncash assets are sold for \(\$ 140,000\). 

Transcribed Image Text:

DODD, GAGE, & HAMM Sale of Noncash Assets (for $140,000) Noncash Dodd Gage Hamm Cash Assets Liabilities Capital Capital Capital $ 6,000 $126,000 $77,000 $12,000 $37,000 $6,000 140,000 (126,000) $146,000 $ 0 $77,000