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Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is:
CHENARD, JENNINGS, AND BLAIR PARTNERSHIP |
Balance Sheet |
December 31, 2020 |
| | | | | | |
Assets | | Liabilities and Owners' Equity |
Cash | | $30,000 | | Liabilities | | $170,000 |
Noncash assets | 280,000 | | Chenard, Capital | 50,000 |
| | | | Jennings, Capital | 70,000 |
| | | | Blair, Capital | | 20,000 |
| | $310,000 | | | | $310,000 |
The partnership is liquidated by selling the noncash assets for $365,000, and creditors are paid in full.
Calculate the total amount of cash that Chenard will receive in the distribution of cash
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