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As of January 1, 2013, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and

As of January 1, 2013, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses:  

Cash
$   80,000
Noncash assets
205,000
Liabilities
47,000
Canton, Capital (30%)
138,000
Yulls, Capital (40%)
119,500
Garr, Capital (30%)
(19,500)

The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $10,000.

  1. How much cash should each partner receive at this time, pursuant to a proposed schedule of liquidation?
  2. If the noncash assets are sold for $105,000, what would be the maximum amount of cash that Canton could expect to receive?

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