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A partnership has the following account balances Cash $70,000 Other Assets 540,000 Liabilities $260,000 Nixon (50% of profits or losses), $170,000 Cleveland (30%) $110,000 Pierce

A partnership has the following account balances

Cash $70,000

Other Assets 540,000

Liabilities $260,000

Nixon (50% of profits or losses), $170,000

Cleveland (30%) $110,000

Pierce (20%) $70,000

The company liquidates, and $8,000 becomes available to the partners. Who gets the $8,000? Show calculations.

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