A partnership currently holds three assets: cash, $10,000; land, $35,000; and a building, $50,000.
The partners anticipate that expenses required to liquidate their partnership will amount to $5,000. Capital balances are as follows:
|
Ace, capital |
$25,000 |
|
Ball, capital |
28,000 |
|
Eaton, capital |
20,000 |
|
Lake, capital |
22,000 |
The partners share profits and losses as follows: Ace (30%), Ball (30%), Eaton (20%), and Lake (20%). If a preliminary distribution of cash is to be made, how much will each partner receive?