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Please help me with this question. The partnership of Rachel, Adams, and Nixon has the following trial balance on September 30, 20X9: Debit Credit Cash

Please help me with this question.

The partnership of Rachel, Adams, and Nixon has the following trial balance on September 30, 20X9:

Debit Credit
Cash $ 20,000
Accounts Receivable (net) 30,000
Inventory 35,000
Plant and Equipment (net) 215,000
Accounts Payable $ 40,000
Rachel, Capital 120,000
Adams, Capital 90,000
Nixon, Capital 50,000
Total $ 300,000 $ 300,000

The partners share profits and losses as follows: Rachel, 50 percent; Adams, 30 percent; and Nixon, 20 percent. The partners are considering an offer of $180,000 for the accounts receivable, inventory, and plant and equipment as of September 30. The $180,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated.

Required:

Prepare a cash distribution plan as of September 30, 20X9, showing how much cash each partner will receive if the offer to sell the assets is accepted.

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