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"The partnership of K, L, and M share profit and losses in the ratio of 3:1 respectively. The partners voted to dissolve the partnership when its...
"The partnership of K, L, and M share profit and losses in the ratio of 3:1:1 respectively. The partners voted to dissolve the partnership when its assets, liabilities, and capital were as follows:Assets:Cash $ 80,000Other Assets 640,000$720,000Liabilities and Capital:Liabilities $100,000K, Capital 360,000L, Capital 180,000M, Capital 80,000720,000 The partnership will be liquidated over several months. As cash is available, it will be distributed to the partners.Refer to the above information. Using a cash distribution plan, how much cash will be distributed to L before the other two partners receive any cash distributions?
