Joe, Jim, and Jay have been partners for several years. The
partners allocate all profits and losses on a 4:4:2 basis,
respectively. Now, each partner has become personally insolvent
and, the three partners have decided to liquidate the business in
hopes of solving their personal financial issues. As of September
1, the partnership’s balance sheet is as follows:
Assets
Liabilities and Capital
Cash
$
35,000
Liabilities
$
131,000
Accounts receivable
132,000
Joe, capital
60,000
Inventory
122,000
Jim, capital
99,000
Land,...