Concord Company at December 31 has cash $47,000, noncash assets $202.000, liabilities $116,000, and the following capital balances: Hoffman $95.000 and Mena $38,000. The firm is liquidated, and $221,000 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 eg. -15,000 or parentheses eg. (15,000).) Prepare a schedule of cash payments. CONCORDCOMPANY Schedule of Cash Payments Item Cash Noncash Assets Li Balances before liquidation $ $ Sale of noncash assets and allocation of losses New balances Pay liabilities New balances Cash distribution Final balances $ $ $ CONCORDCOMPANY Schedule of Cash Payments Noncash Assets Liabilities Hoffman Capital Mena Capital $ S $ $ $ $