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The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. 42,000 Liabilities 140,000 Adams, capital
The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. 42,000 Liabilities 140,000 Adams, capital 130,000 Baker, capital $ 32,000 85,000 36,000 64,000 95,000 312,000 Cash Land Building Carvil, capital Dobbs, capital Total assets 312,000 Total liabilities and capital To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an independent situation related to the partnership's liquidation d. 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? (Do not round intermediate calculations.)
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