Wildhorse Company at December 31 has cash $22,400, noncash assets $108,000, liabilities $57,400, and the following capital balances: Floyd $44,800 and DeWitt $28,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Wildhorse Company now decides to liquidate the partnership. Required:
Prepare the entries to record.

On january 1, year 1, purl corp. purchased as a long-term investment $500,000 face amount of shaw, inc.’s 8% bonds for $456,200. the bonds were purchased to yield 10% interest. the bonds mature on january 1, year 6, and pay interest annually on january 1. purl uses the effective interest method of amortization. what amount (rounded to nearest $100) should purl report on its december 31, year 2, balance sheet for these held-to-maturity bonds?