Exercise 16-3 Your answer is partially correct. Try again. The unsuccessful partnership of the Jones Brothers is about to undergo liquidation. They have asked you to estimate the amount of cash that each brother will receive. They share profits and losses equally. Cash $24,000 Noncash Assets 120,000 Liabilities Doug, Capital $52,000 52,000 Dave, Capital Dan, Capital 49,000 $144,000 (9,000) $144,000 Both Doug and Dave are personally solvent, but Dan is not. They estimate that they will receive $78,000 from the sale of the noncash assets. Prepare a schedule to estimate the amount of cash each brother will receive. (Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) (1/3) Doug (1/3) Dave 52,000 (1/3) Dan Capital Balances 49,000 (9,000) Estimated Loss on Sale of Assets 14,000 14,000 14,000 38,000 35,000 (23,000) (11,500) (11,500) 23,000 Allocate Debit Balance Estimated Cash Payment 26,500 23,500