The partners of Grafton Company have decided to liquidate their business. Noncash assets were sold for $115,000. The income ratios of the partners Kale D., Croix D., and Marais K. are 2:3:3, respectively. Complete the following schedule of cash payments for Grafton Company.
GRAFTON Company
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A
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B
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C
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D
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E
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F
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G
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H
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I
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J
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K
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L
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1
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Item
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Cash
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+
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Noncash assets
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=
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Liabilities
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+
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Kale D.,
Capital
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+
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Croix D.,
Capital
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+
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Marais K.,
Capital
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2
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Balances before liquidation
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10,000
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85,000
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40,000
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15,000
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35,000
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5,000
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3
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Sale of noncash assets
and allocation of gain
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4
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New balances
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5
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Pay liabilities
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6
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New balance
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7
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Cash distribution to
Partners
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8
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Final balances
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