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Do It! Review 12-3a The partners of Sunland Company have decided to liquidate their business. Noncash assets were sold for $135,240. The income ratios of
Do It! Review 12-3a The partners of Sunland Company have decided to liquidate their business. Noncash assets were sold for $135,240. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2:3, respectively. Complete the following schedule of cash payments for Sunland 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).) Item Cash Noncash + = Liabilities Cisneros Capital Gunselman c Assets + + Forren Capital $13,400 Balance before liquidation $14,000 $99,000 $54,200 $16,500 $28,900 Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Final balances Click if you would like to Show Work for this question: Open Show Work
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