The partners of Grafton Company have decided to liquidate their business. Noncash assets were sold for $115,000. The income ratios of the partners Kale D., Croix D., and Marais K. are 2:3:3, respectively. Complete the following schedule of cash payments for Grafton Company.
GRAFTON Company
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A |
B |
C |
D |
E |
F |
G |
H |
I |
J |
K |
L |
|
|
1 |
Item |
Cash |
+ |
Noncash assets |
= |
Liabilities |
+ |
Kale D., Capital |
+ |
Croix D., Capital |
+ |
Marais K., Capital |
|
2 |
Balances before liquidation |
10,000 |
85,000 |
40,000 |
15,000 |
35,000 |
5,000 |
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3 |
Sale of noncash assets and allocation of gain |
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4 |
New balances |
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5 |
Pay liabilities |
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6 |
New balance |
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7 |
Cash distribution to Partners |
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8 |
Final balances |