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Hodge, Bison, and Howard partnership began the process of liquidation with the following balance sheet: Cash Noncash assets $ 25,000 500,000. Liabilities Hodge, capital
Hodge, Bison, and Howard partnership began the process of liquidation with the following balance sheet: Cash Noncash assets $ 25,000 500,000. Liabilities Hodge, capital Bison, capital $175,000 90,000 100,000 Total. $525,000 Howard, capital Total 160,000 $525,000 Hodge, Bison, and Howard share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $14,000. Assuming that the noncash assets were sold for $150,000, which partner(s) would have been required to contribute assets to the partnership to cover a deficit in his or her capital account, prior to considering the liquidation expenses incurred? Multiple Choice Hodge and Bison. Howard Hodge and Howard
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