Sheridan Company at December 31 has cash $20,600, noncash assets $107,000, liabilities $55,600, and the following capital balances: Floyd $42,600 and DeWitt $29,400. The firm is liquidated, and $120,000 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).) Item Balances before liquidation Sale of noncash assets and allocation of gain New balances Pay liabilities New balances Cash distribution to partners Final balances $ SHERIDAN COMPANY Schedule of Cash Payments Cash Noncash Assets Liab $20,600 $107,000 13000 120000