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ONE The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation: CASH 10000 LIABILITIES 130000 NON CASH ASSETS 300000 KEATON

ONE The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation: CASH 10000 LIABILITIES 130000 NON CASH ASSETS 300000 KEATON CAPITAL 60000 LEWIS CAPITAL 40000 MEADOR CAPITAL 80000 TOTALS 310000 TOTALS 310000 Keaton, Lewis, and Meador share profits and losses in a ratio of 2:4:4. Noncash assets were sold for $180,000. Liquidation expenses were $12,000. PART B: Assume that Keaton was personally insolvent with assets of $8,000 and liabilities of $60,000. Lewis and Keaton were both solvent and able to cover deficits in their capital accounts, if any. What amount of cash could Keaton's personal creditors have expected to receive from partnership assets

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