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The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold for $112,000. The income ratios of the partners Cisneros, Gunselman,

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The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold for $112,000. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for Blossom Company. (If an amount reduces the account balance then enter with a negative sign preceding the number eg. -15,000 or parenthesis eg. (15,000).) Cash + Liabi Item Balance before liquidation Sale of noncash assets and allocation of gain Noncash Assets $80,000 $14,000 New balances Pay liabilities New Balances Cash distribution to partners . Final balances $ Liabilities $40,000 Cisneros Capital $16,000 Gunselman Capital $28,000 Forren Capital $10,000 0 $ 0 $ $

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