Exercise 12-8 Sedgwick 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).) SEDGWICK COMPANY Schedule of Cash Payments Item Noncash Floyd, Cash = Liabilities DeWitt, Assets Capital Capital Balances before liquidation $22,400 $104,000 $51,800 $47,500 $27,100 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