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The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share...

The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:

         
  Cash $   98,000     Accounts payable $ 78,000
  Other assets 840,000     Ferris, loan 59,000
  Hardwick, loan 49,000     Hardwick, capital 360,000
        Saunders, capital 250,000
        Ferris, capital 240,000
         
       Total assets $ 987,000          Total liabilities and capital $ 987,000
         
 

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $116,000. Prepare a proposed schedule of liquidation at this point in time.

  Cash Other Assets Accounts Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan and Capital
Beginning Balances            
Sold Assets            
Assumed: Loss on remaining assets            
Paid Liabilites            
Safe Balances            

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