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Liquidating Partnerships

Prior to liquidating their partnership, Ellis and Dunn had capital accounts of $$17,000$ and $$29,000,$ respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $$54,000.$ The partnership had $$1,000$ of liabilities. Ellis and Dunn share income and losses equally.

Determine the amount received by Ellis as a final distribution from liquidation of the partnership.

fill in the blank $1$ of $1$$

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