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Determine the amount of cash that should be paid to each partner.

05 / 03 / 2018 Assignment

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Liquidation—Cash distribution computation, safe payments schedule

Fed, Ela, and Luc have decided to liquidate their partnership. Account balances on January 1, 2011, are as follows:

Cash $120,000 Accounts Payable $40,000

Other assets 120,000 Fed capital (30%) 85,000

$240,000 Ela capital (30%) 25,000

Luc capital (40%) 90,000

$240,000

The Partners agree to keep a $10,000 contingency fund and to distribute available cash immediately.

Required: Determine the amount of cash that should be paid to each partner.


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