Apartnership currently holds three assets: cash, $10,000; land, $35,000; and a building, $50,000. the partnership has no liabilities. the partners anticipate that expenses required to liquidate their partnership will amount to $5,000. capital balances are as follows:
ace, capital . . . . . . . . . . . . . . . . $ 25,000
ball, capital . . . . . . . . . . . . . . . . 28,000
eaton, capital . . . . . . . . . . . . . . . 20,000
lake, capital . . . . . . . . . . . . . . . 22,000
the partners share profits and losses as follows:
ace (30 percent), ball (30 percent), eaton (20 percent), and lake (20 percent).
1. if a preliminary distribution of cash is to be made, what is the amount of safe payment that can be made to each partner?