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Safe Payment Calculation Partners Rane, Snow, and Hale share profits and losses in the ratio...

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Accounting

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Safe Payment Calculation Partners Rane, Snow, and Hale share profits and losses in the ratio of 5:3:2, respectively. The partners vote to dissolve the partnership when its assets, liabilities, and capital are as follows: Cash $45,000 Liabilities $140,000 Other assets 750,000 Capital - Rane 210,000 Capital - Snow 275,000 Capital - Hale 170,000 Total assets $795,000 Total liabilities and capital $795,000 The partnership will be liquidated over an extended period of time. As cash becomes available, it will be distributed to the partners. The first sale of noncash assets having a book value of $200,000 realizes $125,000. Required Use the safe payment approach to determine the amount of cash to be distributed to each partner after this sale

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