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A partnership has the following account balances: Cash, $87,000; Other Assets, $625,000; Liabilities, $359,000; Nixon (50 percent of profits and losses), $165,000; Cleveland (30 percent),

A partnership has the following account balances: Cash, $87,000; Other Assets, $625,000; Liabilities, $359,000; Nixon (50 percent of profits and losses), $165,000; Cleveland (30 percent), $115,000; Pierce (20 percent), $73,000. The company liquidates, and $16,500 becomes available to the partners. Who gets the $16,500? Determine how much of this amount should be distributed to each partner.

Nixon Cleveland Pierce
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