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he following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:
he following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:
Cash | $ | 53,000 | Liabilities | $ | 30,000 | |||
Other assets | 153,000 | Miller, capital | 78,000 | |||||
Tyson, capital | 78,000 | |||||||
Watson, capital | 20,000 | |||||||
Total assets | $ | 206,000 | Total liabilities and capital | $ | 206,000 | |||
For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?
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