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Question - The Kelly, Lackey, and Maiden partnership had the following balance sheet just before entering liquidation:
Cash $10,000
Liabilities $130,000
Noncash assets 300,000
Kelly, Capital 60,000
Lackey, Capital 40,000
Maiden, Capital 80,000
Total $310,000
Total 310,000
Kelly, Lackey, and Maiden share profits and losses in a ratio of 2:4:4. Noncash assets were sold for $180,000. Liquidation expenses were $10,000.
Assume that Lackey was personally insolvent and could not contribute any assets to the partnership, while Kelly and Maiden were both solvent. What amount of cash would Kelly have received from the distribution of partnership assets?
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