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David Oliver and Umar Ansari, with capital balances of $51,000 and $69,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying
David Oliver and Umar Ansari, with capital balances of $51,000 and $69,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $150,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?
If an amount is zero, enter in "0".
Oliver | Ansari | Total | |
Capital balances before realization | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
Division of gain on realization | fill in the blank 4 | fill in the blank 5 | |
Capital balances after realization | $fill in the blank 6 | $fill in the blank 7 | |
Cash distributed to partners | fill in the blank 8 | fill in the blank 9 | |
Final balances | $fill in the blank 10 | $fill in the blank 11 |
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