Sedgwick Company at December 31 has cash $20,500, noncash assets $101,000, liabilities $54,500, and the following capital balances: Floyd $46,500 and DeWitt $20,500. The firm is liquidated, and $116,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) SEDGWICK COMPANY Schedule of Cash Payments Cash + Noncash Assets = $20,500 $ 101,000 Item Balances before liquidation Liabilities $54,500 + Floyd, Capital + DeWitt, Capital $46,500 $20,500 Sale of noncash assets and allocation of gain New balances Pay liabilities New balances Cash distribution to partners Final balances