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The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:
Cash | $ | 97,000 | Accounts payable | $ | 102,000 | |||
Other assets | 835,000 | Ferris, loan | 58,000 | |||||
Hardwick, loan | 48,000 | Hardwick, capital | 350,000 | |||||
Saunders, capital | 240,000 | |||||||
Ferris, capital | 230,000 | |||||||
Total assets | $ | 980,000 | Total liabilities and capital | $ | 980,000 | |||
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $146,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.)
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