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The balance sheet for the Delphine, Xavier, and Olivier partnership follows:
Cash$61,440
Liabilities$41,000
Noncash assets 104,000
Delphine, capital 73,600
Xavier, capital 42,000
Olivier, capital 8,840
Total assets$165,440
Total liabilities and capital$165,440
Delphine, Xavier, and Olivier share profits and losses in the ratio of 5:4:1, respectively. The partners have agreed to terminate the business and estimate that $12,400 in liquidation expenses will be incurred.
Question 1: What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets?
Question 2: Which partner should receive the cash distribution from (a)?
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