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Problem 4 After 25 years of operations, the Starke, Lannister, and Targaryen partnership has decided to liquidate. At that time, 1/1/20x2, the partnership balance sheet
Problem 4 After 25 years of operations, the Starke, Lannister, and Targaryen partnership has decided to liquidate. At that time, 1/1/20x2, the partnership balance sheet is as follows: Assets Cash Noncash assets Starke, Lannister, and Targaryen, Partners Balance Sheet as of 12/31/20x1 Liabilities and Partners' Capital $80,000 Liabilities 205,000 Starke, Capital Lannister, Capital Targaryen, Capital $285.000 Total Liabilities and Capital $47,000 138,000 119,500 (19,500) $285,000 Total assets In accordance with the Articles of Partnership, the partners agreed to share profits and losses as follows: Starke, Capital Lannister, Capital Targaryen, Capital 30% 40% 30% The partnership estimates liquidation expenses of $10,000. D. Starke believes the partnership will receive at least $80,000 for the noncash assets. Assuming Starke is correct, prepare a schedule showing the amount she will receive if the noncash assets are liquidated for $80,000. E. For the Starke, Lannister, & Targaryen partnership, compute the total amount of cash available for safe payment before disposal of any noncash assets
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