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Do It! Review 12-3a The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income ratios of
Do It! Review 12-3a The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income ratios of the partners Cisneros Gunselman, and Forren are 3 2:3, respectively. Complete the following schedule of cash payments for LR Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) Noncash Cisneros LiabilitiesCapital Gunselman Capital ImanCapi Forren Item Cash Balance efore liquidation Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances $15,000 $90,000 $40,000 $20,000 $32,000 $13,000 125000 90000 Cash distribution to partners Final balances Click if you would like to Show Work for this question: Open Show Work
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