Sunland Company at December 31 has cash $22,500, noncash assets $108,000, liabilities $53,600, and the following capital balances: Floyd $48,000 and DeWitt $28,900. The firm is liquidated, and $114,000 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 eg 15,000 or parenthesis eg. (15,000)) SUNLAND COMPANY Schedule of Cash Payments Item Cash Noncash Assets Liabilities Floyd, C Balances before $22.500 $108,000 $53,600 liquidation Sale of noncash assets and allocation of gain New balances Pay labilities New balances Cash distribution to partners Final balances eTextbook and Media Save for Later $ Attempts: 0 of 3 used Submit Answer