Exercise 12-08 (Video) Sunland Company at December 31 has cash $23,000, noncash assets $104,000, liabilities $52,300, and the following capital balances: Floyd $47,000 and DeWitt $27,700. The firm is liquidated, and $113,000 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).) SUNLAND COMPANY Schedule of Cash Payments Noncash Cash + Assets Item = Liabilities Floyd, Capital $47,000 DeWitt, Capital $27,700 $23,000 $104,000 $52,300 Balances before liquidation 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