Liquidating Partnerships$-$Deficiency

Prior to liquidating their partnership, Jolly and Russo had capital accounts of $$26,000$ and $$96,000,$ respectively. The partnership assets were sold for $$48,000.$ The partnership had no liabilities. Jolly and Russo share

income and losses equally.

a$.$ Determine the amount of Jolly's deficiency.

b$.$ Determine the amount distributed to Russo, assuming that Jolly is unable to satisfy the deficiency.

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