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On December 31,2010 , the Kelly & Paine Partnership had the following assets, liabilities, and partners' equity: When the partners agreed to liquidate the business,
On December 31,2010 , the Kelly \& Paine Partnership had the following assets, liabilities, and partners' equity: When the partners agreed to liquidate the business, the assets were sold for $90,000 and the liabilities were paid. Kelly and Paine share profits and losses in a ratio of 2:1, respectively
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