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Exercise 1(LO 1)Characteristics of a partnerships financial statements. A client of yours is considering investing in a partnership and has been analyzing the financial state-ments

Exercise 1(LO 1)Characteristics of a partnerships financial statements. A client of yours is considering investing in a partnership and has been analyzing the financial state-ments of the partnership. Their analysis has resulted in the following observations that that they are hoping you could address:

1. The balance sheet does not set forth the capital stock account at par value, which would define some level of minimum legal liability.

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