Homework Answers
| Carrying value of non cash assets prior to liquidation | ||||
| Ellis Capital | $ 41,000.00 | |||
| Gentry Capital | $ 61,000.00 | |||
| Liabilities | $ 5,000.00 | |||
| Total=(A) | $ 1,07,000.00 | |||
| Sale price of assets=(B) | $ 98,000.00 | |||
| Loss on liquidation=(C )=(A)-(B) | $ 9,000.00 | |||
| Ellis Share of loss=($9000*1/2) | $ 4,500.00 | |||
| Gentry share of loss=($9000*1/2) | $ 4,500.00 | |||
| Amount received by Ellis as a final distribution on liquidation of partnership. | ||||
| Ellis Capital | $ 41,000.00 | |||
| Less: Ellis share of loss | $ -4,500.00 | |||
| Amount received by Ellis as a final distribution on liquidation of partnership. | $ 36,500.00 |
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