Norris, Madson, and Howell have income ratios of 5:3:2 and capital balances of $34,000, $31,000,...
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Accounting
Norris, Madson, and Howell have income ratios of 5:3:2 and capital balances of $34,000, $31,000, and $28,000, respectively. Noncash assets are sold at a gain. After creditors are paid, $103,000 of cash is available for distribution to the partners. How much cash should be paid to Madson?
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