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4. On December 1, 20x9, the partners of Tim, Williams, and Levin, who share profits and losses in the ratio of 4:4:2, decided to liquidate
4. On December 1, 20x9, the partners of Tim, Williams, and Levin, who share profits and losses in the ratio of 4:4:2, decided to liquidate their partnership. On this date the partnership condensed balance sheet was as follows: Cash Accounts receivable Inventory Goodwill $100,000 200,000 400,000 20,000 Accounts payable Note payable Levin Tim - Capital William - Capital Levin - Capital Total $390,000 30,000 100,000 120,000 80,000 $720,000 Total $720.000 On December 11, 20X9 two events occurred; first, the cash sale of inventory with a book value of $200,000 was sold for $140,000. Second, receivables of $100,000 were collected and $10,000 were written off. Safe installment payments to the partners were made on the same date. How much cash should be distributed to each partner
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