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Utilizing the balance sheet below, allocate the debt using the Remedial method: Assets Cash 250,000 Building 5,000,000 Acc. Depreciation (1,265,823) Land 1,000,000 Other Assets 50,000

Utilizing the balance sheet below, allocate the debt using the Remedial method:

Assets
Cash 250,000
Building 5,000,000
Acc. Depreciation (1,265,823)
Land 1,000,000
Other Assets 50,000
TOTAL ASSETS $ 5,034,177
Liabilities
Bank Loan (5,200,000)
TOTAL LIABILITIES (5,200,000)
Equity
Ruth Contributions (450,000)
Ruth Distributions 500,000
Ruth Income Allocation (8,544)
EQUITY RUTH 41,456
DiMaggio Contributions (450,000)
DiMaggio Distributions 500,000
DiMaggio Income Allocation (8,544)
EQUITY DIMAGGIO 41,456
Jackson Contributions (450,000)
Jackson Distributions 500,000
Jackson Income Allocation (8,544)
EQUITY JACKSON 41,456
Berra Contributions (450,000)
Berra Distributions 500,000
Berra Income Allocation (8,545)
EQUITY BERRA 41,455
Jeter Contributions -
Jeter Distributions -
Jeter Income Allocation -
EQUITY JETER -
TOTAL EQUITY 165,823
TOTAL LIABILITIES & EQUITY $ (5,034,177)

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