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Problem 15-15 (Static) (LO 15-5) The partnership of Ace, Ball, Eaton, and Lake currently holds three assets: Cash, $10,000; Land, $35,000; and Building, $50,000.
Problem 15-15 (Static) (LO 15-5) The partnership of Ace, Ball, Eaton, and Lake currently holds three assets: Cash, $10,000; Land, $35,000; and Building, $50,000. The partnership has no liabilities. The partners anticipate that expenses required to liquidate their partnership will amount to $5,000. Capital balances are as follows: Ace, capital Ball, capital Eaton, capital Lake, capital $ 25,000 28,000 20,000 22,000 The partners share profits and losses as follows: Ace (30 percent). Ball (30 percent). Eaton (20 percent), and Lake (20 percent). If a preliminary distribution of cash is to be made, what is the amount of safe payment that can be made to each partner? (Do not round Intermediate calculations. Round your final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. Safe payments Ace Ball Eaton Lake S 5,000 $5,000 $5,000 $5,000
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