Question: A local partnership is liquidating and has only two assets ( cash of $ 1 0 , 0 0 0 and land with a cost

A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of $35,000). All partnership liabilities
have been paid. All partners are personally insolvent. The partners have capital balances and share profits and losses as follows.
a. If the land is sold for $25,000, how much cash does each partner receive in a final settlement?
b. If the land is sold for $15,000, how much cash does each partner receive in a final settlement? (Do not round intermediate
calculations. Round your final answers to the nearest dollar amounts.)
c. If the land is sold for $5,000, how much cash does each partner receive in a final settlement? (Do not round intermediate
calculations. Round your final answers to the nearest dollar amounts.)
 A local partnership is liquidating and has only two assets (cash

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