Wildhorse Company at December 31 has cash $23,200, noncash assets $100,000, liabilities $53,700, and the following capital balances: Floyd $47,900 and DeWitt $21,600. The firm is liquidated, and $119,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) Item WILDHORSE COMPANY Schedule of Cash Payments Cash + Noncash Assets = $23,200 $100,000 Liabilities + Floyd, Capital + DeWitt, Capital $53,700 $47,900 $21,600 Balances before liquidation Sale of noncash assets and allocation of gain 119000 0 0 11400 7600 1 New balances 142200 53700 59300 29200 Pay liabilities 53700 53700 0 . VOODOO 17 New balances 88500 0 59300 292001 X x Cash distribution to partners 88500 0 59300 29200 Final balances 0 0 Click if you would like to Show Work for this question: Open Show Work