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A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of $35,000). All partnership liabilities have been paid. All partners are personally insolvent. The partners have capital balances and share profits and losses as follows. Brown, capital (40%)$25,000Fish, capital (30%) 15,000Stone, capital (30%) 5,000 Problem 1: If the land is sold for $25,000, how much cash does each partner receive in a final settlement?
Problem 2: If the land is sold for $15,000, how much cash does each partner receive in a final settlement?
Problem 3: If the land is sold for $5,000, how much cash does each partner receive in a final settlement?
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