Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik

Exercise 29

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:

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