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Joe and Mia are 50:50 partners in the J&M Shop. The Shop has experienced financial difficulty over the past three years. After liquidating all its
Joe and Mia are 50:50 partners in the J&M Shop. The Shop has experienced financial difficulty over the past three years. After liquidating all its assets, the Shop still owes $15,000 to creditors. Joe has $20,000 of net worth and Mia has $5,000 of net worth. Creditors can collect $10,000 from Joe and $5,000 from Mia. $15,000 from Joe and $5,000 from Mia, $15,000 from Joe and $0 from Mia. SO from Joe and So from Mia (since the partnership has no assets). either a or c
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