On June 3rd, 2010 the firm McAdams, cooper and Zhang decided to liquidate their partnership. the partners have capital balances of 14000, 84000, and 118000 respectively. The cash balance is 29000 the book values of noncash assets total 242000 and liabilities total 55000, the partners share income and loses in the ration 1:2:2.
Prepare a statement of partnership liquidation, covering the period of june 3-29. for each of the following independent assumptions.also,A. all of the noncash assets are sold for 290000 in cash, the creditors are paid and the remaining cash is distributed to the partners.