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The partnership of Mick, Keith, and Charlie has been dissolved and is in the process of liquidation. On July 1, 2017, just before the second

The partnership of Mick, Keith, and Charlie has been dissolved and is in the process of liquidation. On July 1, 2017, just before the second cash distribution, the assets and equities of the partnership along with residual profit sharing ratios were as follows:

Assets

Liabilities & Equities

Cash

$ 200,000

Liabilities

$ 150,000

Receivables-net

50,000

Mick, Capital 50%

100,000

Inventories

150,000

Keith, Capital 30%

175,000

Equipment-net

100,000

Charlie, Capital 20%

75,000

Total assets

$ 500,000

Total Lia & Equity

500,000

Assume that the available cash is distributed immediately, except for a $25,000 contingency fund that is withheld pending complete liquidation of the partnership. How much cash should be paid to each of the partners?

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