Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 11

A local partnership has only two assets (cash of $10,000 and land with a cost of $35,000).All liabilities have been paid and the following capital balances are currently being recorded.The partners share profits and losses as follows.All partners are insolvent. 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