Question 7 Blossom Company at December 31 has cash $20,500, noncash assets $100,000, liabilities $52,000, and the following capital balances: Floyd 143,000 and DeWitt $25,500

Question 7 Blossom Company at December 31 has cash $20,500, noncash assets $100,000, liabilities $52,000, and the following capital balances: Floyd 143,000 and DeWitt $25,500. The firm is liquidated, and $113,000 in cash is received for the noncash assets. Foyd and Dewitt Income ratios are 60% and 40%, respectively, Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis e.g. (15,000).) Item Balances before liquidation Sale of noncash assets and allocation of gain BLOSSOM COMPANY Schedule of Cash Payments Cash + Noncash Assets - $20,500 $100,000 Liabilities $52,000 + Floyd, Capital + DeWitt, Capital $43,000 $25,500 New balances Pay liabilities New balances Cash distribution to partners Final balances Click if you would like to Show Work for this question: Open Show Work