Exercise 12-08 (Video) Wildhorse Company at December 31 has cash $23,200, noncash assets $100,000, liabilities $53,700, and the following capital balances: Floyd $47,900 and DeWitt $21,600. The firm is liquidated, and $119,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, 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).) WILDHORSE COMPANY Schedule of Cash Payments Item + Noncash Assets = Liabilities + Floyd, Capital + DeWitt, Capital Balances before liquidation $23,200 $100,000 $53,700 $47,900 $21,600 Sale of noncash assets and allocation of gain cash 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