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Liquidating PartnershipsDeficiency Prior to liquidating their partnership, Callie and Russo had capital accounts of $27,000 and $106,000, respectively. The partnership assets were sold for $53,000.

Liquidating PartnershipsDeficiency

Prior to liquidating their partnership, Callie and Russo had capital accounts of $27,000 and $106,000, respectively. The partnership assets were sold for $53,000. The partnership had no liabilities. Callie and Russo share income and losses equally.

Required:

a. Determine the amount of Callie's deficiency. $fill in the blank 1

b. Determine the amount distributed to Russo, assuming Callie is unable to satisfy the deficiency. $fill in the blank 2

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