Sedgwick Company at December $31$ has cash $$20,000,$ noncash assets $$100,000$ liabilities $$55,000,$ and the following capital balances: Floyd $$45,000$ and DeWitt $$20,000.$ The firm is liquidated, and $$105,00$ in cash is received for the noncash assets. Floyd and DeWitt income ratios are $60\%$ and $40\%,$ respectively. Prepare a schedule of cash payments. SEDGWICK COMPANY Schedule of Cash PaymentsItemCash$+$Noncash Assets$=$Liabilities$+$Floyd, Capital$+$DeWitt, CapitalBalance before liquidation$$20,000$$$100,000$$$55,000$$$45,000$$$20,000$Sale of noncash assets and allocation of gainNew balancesPay liabilitiesNew balancesCash distribution to partnersFinal balances$$$$$ Sedgwick Company at December $31$ has cash $$20,000,$ noncash assets $$100,000$ liabilities $$55,000,$ and the following capital balances: Floyd $$45,000$ and DeWitt $$20,000.$ The firm is liquidated, and $$105,00$ in cash is received for the noncash assets. Floyd and DeWitt income ratios are $60\%$ and $40\%,$ respectively.Prepare a schedule of cash payments.