"Exercise 12-8 Your answer is partially correct. Try again Sedgwick Company at December 31 has cash $22.500, noncash assets $108.000, liabilities $53,600, and the following capital balances: Floyd $48.000 and Dewitt $20,000. The form is liquidated, and $114,000 in cash is received for the noncash assets. Floyd and Dewat come rates are 60% and 40%, respectively Prepare a schedule of cash payments. (an annum rediences the account balance then enter with a negative sin preceding the number 15,000 or parenthes (15,000).) SEDGWICK COMPANY Schedule of Cash Payments Cash Noncash Assets - $72,500 $ 108,000 Them Liabilities $53,600 Floyd, Capital - Dewitt, Capital $48.000 $28,900 Balances before liquidation Sale of noncash assets and allocation of gain 14000 New aces 26 51600 DIG Pay labios 516000 15160 Cash distribution to partners 0 51500 1300 Final balances