If the noncash assets were sold for $105,000, what would have been the maximum amount of cash that Canton could have expected to receive? 

58. A partnership had the following account balances: Cash, $91,000; Other Assets, $702,000; Liabilities, $338,000; Polk, Capital (50% of profits and losses), $221,000; Garfield, Capital (30%), $143,000; Arthur, Capital (20%), $91,000. The company liquidated and $10,400 became available to the partners.

Required:

Who would have received the $10,400?

59. A partnership held three assets: Cash, $13,000; Land, $45,500; and a Building, $65,000. The partners anticipated that expenses required to liquidate their partnership would amount to $6,500. Capital balances were as follows:

King, Capital: $32,500

Murphy, Capital: 36,400

Madison, Capital: 26,000

Pond, Capital: 28,600

The partners shared profits and losses 30:30:20:20, respectively.

Required:

If a preliminary distribution of cash was to be made, how much would each of the partners have received?

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Hoyle, Advanced Accounting, 8/e