A local partnership has only two assets (cash of $10,000 and land with a cost of $35,000). All liabilities have been paid and the following capital balances are currently being recorded. The partners share profits and losses as follows. All partners are insolvent.
Brown, capital (40%) . . . . . . . . . . $25,000
Fish, capital (30%) . . . . . . . . . . . . 15,000
Stone, capital (30%) . . . . . . . . . . 5,000
a. If the land is sold for $25,000, how much cash does each partner receive in a final settlement?
b. If the land is sold for $15,000, how much cash does each partner receive in a final settlement?
c. If the land is sold for $5,000, how much cash does each partner receive in a final settlement?
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