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The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:
Cash | $ | 51,000 | Liabilities | $ | 49,000 | |||
Other assets | 151,000 | Miller, capital | 66,000 | |||||
Tyson, capital | 66,000 | |||||||
Watson, capital | 21,000 | |||||||
Total assets | $ | 202,000 | Total liabilities and capital | $ | 202,000 | |||
For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?
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