The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:
|
Cash |
$40,000 |
Liabilities |
$70,000 |
|
Other assets |
140,000 |
Miller, capital |
50,000 |
|
Tyson, capital |
50,000 |
||
|
Watson, capital |
10,000 |
||
|
Total assets |
$180,000 |
Total liabilities and capital |
$180,000 |
For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?