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all boxes outlined in blue need an answer The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You
all boxes outlined in blue need an answer
The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30,201, Is 2. The partners share profits and losses as follows: Pen, 50 percent, Evan, 25 percent, and Torves, 25 percent. 3. The partners are considering an offer of $115,000 for the firm's accounts recelvable, inventory, and plant and equipment as of June 30. The $115,000 will be pald to creditors and the partners in installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of June 30,201, showing how much cash each partner will recelve if the partners accept the offer to sell the assets
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