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Multiple Choice Question 116 In liquidation, balances prior to the distribution of cash to the partners are: Cash $768000; Peterson, Capital $420000; Laney, Capital $398000,

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Multiple Choice Question 116 In liquidation, balances prior to the distribution of cash to the partners are: Cash $768000; Peterson, Capital $420000; Laney, Capital $398000, and Howell, Capital $50000 deficiency. The income ratio is 6:2:2, respectively. How much cash should be distributed to Laney if Howell does not pay his deficiency? $375000 $385500 $364250 $398000

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