A local partnership is liquidating and has only two assets (cash of $10,000 and land...
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A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of $35,000). All partnership liabilities have been paid. All partners are personally insolvent. The partners have capital balances and share profits and losses as follows. Brown, capital (40%) Fish, capital (30%) Stone, capital (30%) s 25,000 15,000 5,000 a. If the land is sold for $25,000, how much cash does each partner receive in a final settlement? b. If the land is sold for $15,000, how much cash does each partner receive in a final settlement? c. If the land is sold for $5,000, how much cash does each partner receive in a final settlement? (Do not round intermediate calculations. Round the final answers to nearest dollar amounts.) Brown Fish Stone a. Cash distribution b. Cash distribution c. Cash distribution
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