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Liquidating Partnerships Prior to liquidating their partnership, Ellis and Montgomery had capital accounts of $ 4 0 , 0 0 0 and $ 8 0

Liquidating Partnerships
Prior to liquidating their partnership, Ellis and Montgomery had capital accounts of $40,000 and $80,000, 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 $145,000. The partnership had $6,000 of liabilities. Ellis and Montgomery share income and losses equally.
Determine the amount received by Ellis as a final distribution from liquidation of the partnership.

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