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The partnership of Larry, Moe, and Curly shares profits and losses 60%, 30%, and 10%, respectively. On January 1, 2017, the partners voted to dissolve

The partnership of Larry, Moe, and Curly shares profits and losses 60%, 30%, and 10%, respectively. On January 1, 2017, the partners voted to dissolve the partnership, at which time the assets, liabilities, and capital balances were as follows:

Assets

Liabilities and Capital

Cash

$ 400,000

Accounts Payable

$ 580,000

Other Assets

1,200,000

Larry, Capital

440,000

Moe, Capital

380,000

Curly, Capital

200,000

Total assets

$1,600,000

Total liabilities

$1,600,000

All of the partners are personally insolvent.

Assume that all noncash assets are sold for $840,000 and all available cash is distributed in final liquidation of the partnership. Cash should be distributed to the partners as follows:

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