Exercise 12-08 (Video) Ivanhoe Company at December 31 has cash $21,000, noncash assets $108,000, liabilities $52,400, and the following capital balances: Floyd $43,500 and DeWitt $33,100. The firm is liquidated, and $116,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively Prepare a schedule of cash payments. (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).) IVANHOE COMPANY Schedule of Cash Payments Noncash Assets Item Cash - Liabilities Floyd, Capital DeWitt, Capital Balances before liquidation Sale of noncash assets and allocation of gain $21,000 $108,000 $52,400 $43,500 $33,100 New balances Pay liabilities New balances Cash distribution to partners Final balances LINK TO TEXT VIDEO: SIMILAR EXERCISE