The partnership of Linus, Lebrun, and Beale is liquidating. Business assets, liabilities, and partners' Capital balances prior to dissolution follow. The partners share profits and losses as follows: Shelly Linus, 20 percent; Peter Lebrun, 30 percent; and Cathy Beale, 50 percent.
Required Create a spreadsheet or solve manually-as directed by your instructor-to show the ending balances in all accounts after the noncash assets are sold for $280,000. Determine the unknown amounts, represented by (?):

Transcribed Image Text:

LINUS, LEBRUN, AND BEALE Sale of Noncash Assets (For $280,000) Shelly Peter Linus, Lebrun Assets Liabilities Capital Capital Noncash Beale 6 Cash Capital 8 12,000 $252,000 $154,000 $24,000 $74,000 9 280,000 (252,000) 10 11 $292,000 $ 0 $154,000 $? 12 13 $12,000