Reference no: EM132672785
Question - A local partnership is liquidating and only has 2 assets ($10,000 and $35,000 in land). All partnerships have paid the liabilities. The partners have capital balances and share profits and losses as follows.
Brown, Capital (40%) $25,000
Fish, Capital (30%) $15,000
Stone, Capital (30%) $5,000
A. If the land is sold for $25,000, how much cash will each partner receive?
B. If the land is sold for $15,000, how much cash will each partner receive?
C. If the land is sold for $5,000, how much cash will each partner receive?
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