After 25 years of operations, the Starke, Lannister, and Targaryen partnership has decided to liquidate. At that time, 1/1/20x2, the partnership balance sheet is as follows: Starke, Lannister, and...

After 25 years of operations, the Starke, Lannister, and Targaryen partnership has decided to liquidate.  At that time, 1/1/20x2, the partnership balance sheet is as follows:

In accordance with the Articles of Partnership, the partners agreed to share profits and losses as follows:

The partnership estimates liquidation expenses of $10,000.

Required

1. Starke believes the partnership will receive at least $80,000 for the noncash assets. Assuming Starke is correct, prepare a schedule showing the amount she will receive if the noncash assets are liquidated for $80,000.


2. For the Starke, Lannister, & Targaryen partnership, compute the total amount of cash available for safe payment before disposal of any noncash assets.