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The partners of Grafton Company have decided to liquidate their business. Noncash assets were sold for $115,000. The income ratios of the partners Kale D., Croix D., and Marais K. are 2:3:3, respectively. Complete the following schedule of cash payments for Grafton Company.
GRAFTON Company
A
B
C
D
E
F
G
H
I
J
K
L
1
Item
Cash
+
Noncash assets
=
Liabilities
Kale D.,
Capital
Croix D.,
Marais K.,
2
Balances before liquidation
10,000
85,000
40,000
15,000
35,000
5,000
3
Sale of noncash assets
and allocation of gain
4
New balances
5
Pay liabilities
6
New balance
7
Cash distribution to
Partners
8
Final balances
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