Please show BOTH sides of the balance sheet………….A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of $35,000). Allpartnership liabilities have been paid. All partners are personally insolvent. The partners have capital balances and shareprofits and losses as follows Brown, capital (40%) $25,000Fish, capital (30%) 15,000Stone, capital (30%) 5,000 a. lfthe land is sold for $25,000, how much cash does each partner receive in a final settlement?b. lfthe land is sold for $15,000, how much cash does each partner receive in a final settlement?c. lfthe land is sold for $5,000, how much cash does each partner receive in a final settlement?
A local partnership is liquidating
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