Exercise 12-8 Sedgwick Company at December 31 has cash $20,100, noncash assets $101,000, liabilities $52,900, and the following capital balances: Floyd $47,900 and DeWitt $20,300. The firm is liquidated, and $115,000 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).) SEDGWICK COMPANY Schedule of Cash Payments CashNoncash Assets Liabilities +Floyd, Capital DeWitt, Capital Item $20,100 $20,300 Balances before liquidation $101,000 $52,900 $47,900 Sale of noncash assets and allocation of gain New balances Pay liabilities New balances Cash distribution to partners Final balances Question Attempts: 0 of 5 used