Question: Jonas, Teese, and Moyer are liquidating their partnership. Before selling the noncash assets and paying the liabilities, the Capital balances are Jonas, $57,500; Teese, $34,500;

Jonas, Teese, and Moyer are liquidating their partnership. Before selling the noncash assets and paying the liabilities, the Capital balances are Jonas, $57,500; Teese, $34,500; and Moyer, $23,000. The partnership agreement divides profits and losses equally.

Required

1. After selling the noncash assets and paying the liabilities, suppose the partnership has cash of $115,000. How much cash will each partner receive in final liquidation?

2. After selling the noncash assets and paying the liabilities, suppose the partnership has cash of $103,000. How much cash will each partner receive in final liquidation?

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