Brief Exercise 165 Appalachian Company at December 31 has cash $40,000, noncash assets $200,000, liabilities $110,000, and the following capital balances: Hoffman $90,000 and Mena $40,000. The firm is liquidated, and $220,000 in cash is received for the noncash assets. Hoffman and Mena income ratios are 60% and 40%, respectively. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parentheses e.g (15,000).) Prepare a schedule of cash payments. APPALACHIAN COMPANY Schedule of Cash Payments Item CashNoncash Assets Liabilities +Hoffman Capital +Mena Capital Balance before liquidation Sale of noncash assets and allocation of losses New balances Pay liabilities New balances Cash distribution Final balances