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The Rango Inc. at December 31 has cash $30,000, noncash assets $90,000, liabilities $45,000, and the following capital balances: Bruce $50,000 and Lee $25,000. The
- The Rango Inc. at December 31 has cash $30,000, noncash assets $90,000, liabilities $45,000, and the following capital balances: Bruce $50,000 and Lee $25,000. The firm is liquidated, and $115,000 in cash is received for the noncash assets. Bruce and Lee's income ratios are 70% and 30%, respectively.
- Instructions: Prepare a schedule of cash payments.
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
11th Edition
111856667X, 978-1118566671
