Response to the following problem:
Grant, Harris, and Isbell are liquidating their partnership. Before selling the noncash assets and paying the liabilities, the capital balances are Grant $23,000; Harris, $20,000; and Isbell, $11,000. The partnership agreement specifies no division of profits and losses.
Required:
1. After selling the noncash assets and paying the liabilities, the partnership has cash of $54,000. How much cash will each partner receive in final liquidation?
2. After selling the noncash assets and paying the liabilities, the partnership has cash of $45,000. How much cash will each partner receive in final liquidation?