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Daynen Company at December 31 has cash £20,000, non-cash assets £100,000, liabilities £55,000, and the following capital balances: Day £45,000 and Nen £20,000. The firm is liquidated, and £120,000 in cash is received for the non-cash assets. Day and Nen income ratios are 55% and 45%, respectively. Instructions Prepare a cash distribution schedule.
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