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Lump-Sum Liquidation Three university students, Cho, Kenney, and Martinez, operated a successful business, renting furniture...

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Lump-Sum Liquidation Three university students, Cho, Kenney, and Martinez, operated a successful business, renting furniture and appliances to students residing in dormitories and off-campus apartments. The three are now graduating and wish to sell the business before beginning their respective careers. They shared profits in a 7:5:4 ratio. The partnership's current balance sheet is as follows: Another student group, organized as a corporation, wants to buy the business. Their offer of $105,000 for the equipment and $12,000 for the receivables is accepted. After receipt of the $117,000, the liabilities are paid and the partnership is liquidated. Required How much does each partner receive

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