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Business, 04.05.2021 18:10 jadenpmoore2008

Wildhorse Company at December 31 has cash $22,400, noncash assets $108,000, liabilities $57,400, and the following capital balances: Floyd $44,800 and DeWitt $28,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Wildhorse Company now decides to liquidate the partnership. Required:
Prepare the entries to record.

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Wildhorse Company at December 31 has cash $22,400, noncash assets $108,000, liabilities $57,400, and...
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