on january 15 2006 the first cash sale of other assets with a carrying amount of 150 606468

On January 1, 2006, the partners of Cobb, Davis, and Eddy, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date the partnership condensed balance sheet was as follows:

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Assets

Cash

$ 50,000

Other assets

250,000

$300,000

Liabilities and Capital

Liabilities

$ 60,000

Cobb, capital

80,000

Davis, capital

90,000

Eddy, capital

70,000

$300,000

On January 15, 2006, the first cash sale of other assets with a carrying amount of $150,000 realized $120,000. Safe installment payments to the partners were made the same date. How much cash should be distributed to each partner?

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Cobb

Davis

Eddy

a.

$15,000

$51,000

$44,000

b.

$40,000

$45,000

$35,000

c.

$55,000

$33,000

$22,000

d.

$60,000

$36,000

$24,000