Liquidating Partnerships Prior to liquidating their partnership. MacPherson and Ericson had capital accounts o 28,000 and $46,000 respectively Prior to liquidation, the partnership had no cash assets other than what was realized from the sale o assets. These partnership assets were sold for $82,000. The partnership had $2,000 of liabilities. MacPherson and Ericson share income and losses equally Determine the amount received by MacPherson as a final distribution from liquidation of the partnership 79,000X Cheok My Work 1. Begin with MacPherson equity prior to liquidation 2. Adjust the equity for the gain or loss on the sale of the assets. 3. Allocate the gain/lass to partner capital accounts based on the income-sharing ratio. 4. Add beginning equity plus allocated gainyloss to determine liquidation distribution