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Liquidation schedule-positive capital accounts The ABC partnership reports the following condensed balance sheet: The partners wish to liquidate the partnership. The noncash assets are sold
Liquidation schedule-positive capital accounts The ABC partnership reports the following condensed balance sheet: The partners wish to liquidate the partnership. The noncash assets are sold for $750,000 with the loss distributed to the partners in the ratio of 30%/30%/40% to partner A, B, and C, respectively. The liabilities are paid in full. Prepare a schedule detailing the liquidation of the assets, repayment of the liabilities, and distribution of the remaining cash to the partners HINT: Use a negative sign with answers that reduce account balances. Round answers to the nearest whole number, if needed
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