The partners of LR Company have decided to liquidate their partnership. Noncash assets were sold for $125,000. The profit and loss ratios of the partners Chan, Jung, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for LR Company. 

Transcribed Image Text:

AutoSave 08 X ✓ fx A Item 1 2 Balances before liquidation Sale of noncash assets 3 and allocation of gain 4 New balances 5 Pay liabilities 6 New balances 7 ash distribution to partners 8 Final balances Sheet1 RT B Cash 15,000 с + D Noncash Assets 90,000 E F G = Liabilities + 40,000 H Chan, Capital 20,000 I J Jung, Capital 32,000 D K O L Forren, Capital 13,000