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  3. the partnership of ace, ball, eaton, and lake curr

The partnership of Ace, Ball, Eaton, and Lake currently holds three assets: Cash, $10,000; Land,...

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Accounting

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The partnership of Ace, Ball, Eaton, and Lake currently holds three assets: Cash, $10,000; Land, $35,000; and Bullding, $50,000. The partnership has no llabilities. The partners anticipate that expenses required to liquidate their partnership will amount to $5,000. Capltal balances are as follows: The partners share profits and losses as follows: Ace ( 30 percent), Ball ( 30 percent), Eaton ( 20 percent), and Lake ( 20 percent). If a preliminary distribution of cash is to be made, what is the amount of safe payment that can be made to each partner? (Do not round Intermedlate calculatlons. Round your final answers to the nearest whole dollar amount.)

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