The partnership of K, L, and M share profit and losses in the ratio of 3:1:1 respectively. The partners voted to dissolve the partnership when its assets, liabilities, and capital were as follows:Assets:$ 80,000640,000$720,000Liabilities and Capital:$100,000360,000180,00080,000The partnership will be liquidated over several months. As cash is available, it will be distributed to the partners. Refer to the above information. The first sale of noncash assets having a book value of $280,000 realized $160,000. How much cash should be distributed to L after this sale?
================================================The partnership of K, L, and M share profit and losses in the ratio of 3:1:1 respectively.The partners voted to dissolve the partnership when its…
