The partners of MIT Company have decided to liquidate their partnership. Information concerning the MIT Company is presented here.

Selling price of noncash assets $$115,000$

Profit and loss ratios

Morin $30\%$

Inglis $20\%$

Torez $30\%$ Complete the following schedule of cash payments for MIT Company. Designate decreases as negative amounts. Cash Noncash Assets Liabilities Morin, Capital Ingils, Capital Torez, Capital

Balances before liquidation $$25,000$ $$80,000$ $$50,000$ $$10,000$ $$22,000$ $$23,000$

"Sale of non cash assets and

allocation of gain"

$115,000(80,000)10,5007,00010,500$

New balances $140,000-50,00020,50029,00033,500$

Pay liabilities $(50,000)(50,000)$

New balances $90,000--20,50029,00033,500$

Cash distribution to partners

Final balances