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ABC Corporation currently has $7,000 in cash $15,000 in noncash assets, and Babilities of $8,000. The partners, Adrian, Batch, and Crenshaw, had capital balances
ABC Corporation currently has $7,000 in cash $15,000 in noncash assets, and Babilities of $8,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $8,000, $2,000, and $4,000, respectively. The partners share a profit and loss ratio of 3:21. The noncash assets were sold for $3,000. Any capital deficiencies are absorbed by the remaining partners. Complete the liquidation chart below. Statement of Partnership Liquidation Balances before realization Sale of assets and devasion of loss or Balances after realization Payent of Sabilities Balance M of Receipt of Balances Cash dated to partners Fal balans Cash Noncash Assets Liabilities Adrian Capital Batch Crenshaw
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