E14.14 Lump-Sum Liquidation Three university students, Cho, Kenney, and Martinez, operated a success- ful business, renting furniture and appliances to students residing in dormitories and off-campus apart ments. The three are now graduating and wish to sell the business before beginning their respective careers. They shared profits in a 7:5:4 ratio. The partnership's current balance sheet is as follows: ..................... Receivables ................... Loan receivable--Cho .... Rental equipment, net ........... $ 6,000 25,000 15,000 140,000 Accounts payable......... Loan payable-Kenney. Capital-Cho ............ Capital-Kenney......... Capital-Martinez.. Total liabilities and capital ........ $ 60,000 10,000 27,000 28,000 61,000 $186,000 Total assets .. $186,000 Another student group, organized as a corporation, wants to buy the business. Their offer of $105.000 for the equipment and $12,000 for the receivables is accepted. After receipt of the $117,000, the liabilities are paid and the partnership is liquidated. Required How much does each partner receive? t