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14 The first step in the liquidation of a partnership is to: a. Sell noncash assets and recognize a gain or loss on realization b.

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14

The first step in the liquidation of a partnership is to: a. Sell noncash assets and recognize a gain or loss on realization b. Pay partnership liabilities Oc Allocate gain/loss on realization to the partners O d. Distribute remaining cash to partners

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