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The year-end balance sheet and residual profit and loss sharing percentages for the Bane, Hill, and Ross partnership at December 31, 2020, are as follows:
The year-end balance sheet and residual profit and loss sharing percentages for the Bane, Hill, and Ross partnership at December 31, 2020, are as follows: Cash $ 30,000 Accounts payable $200,000 Loan to Bane 40,000 Loan from Hill 50,000 Other assets 480,000 Bane, capital (25%) 70,000 Hill, capital (25%) 80,000 Ross, capital (50%) 150.000 Total assets $550.000 Total liabilities and equity $550.000 The partners agree to liquidate the business and distribute cash when it becomes available. Required: Prepare a cash distribution plan for the Bane, Hill, and Ross partnership
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