A local partnership has only two assets (cash of $10,000 and land with a cost of $35,000) All liabilities have been paid and the following capital balances are currently being recorded The partners share profits and losses as follows All partners are insolvent

Brown, capital (40%)

$25,000

Fish, capital (30%)

15,000

Stone, capital (30%)

5,000

a. If the land is sold for $25,000, how much cash does each partner receive in a final settlement?

b. If the land is sold for $15,000, how much cash does each partner receive in a final settlement?

c. If the land is sold for $5,000, how much cash does each partner receive in a final settlement?