Exercise 12-08 (Video) Ivanhoe Company at December 31 has cash $22,400, noncash assets $104,000, liabilities $51,800, and the following capital balances: Floyd $47,500 and DeWitt $27,100. The firm is liquidated, and $118,000 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).) Item IVANHOE COMPANY Schedule of Cash Payments Cash + Noncash Assets = $22,400 $104,000 Liabilities + Floyd, Capital + DeWitt, Capital $47,500 $27,100 Balances before liquidation $51,800 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