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The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. Cash $ 58,000 Liabilities $
The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. |
Cash | $ 58,000 | Liabilities | $ 48,000 | |
Land | 220,000 | Adams, capital | 144,500 | |
Building | 210,000 | Baker, capital | 45,000 | |
Carvil, capital | 96,000 | |||
Dobbs, capital | 154,500 | |||
Total assets | $488,000 | Total liabilities and capital | $488,000 | |
Assume that profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:4:2 basis, respectively. How much money must the firm receive from selling the land and building to ensure that Carvil receives a portion? |
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