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Parnell and Adam are partners. Parnell contributed $40,000 and Adam contributed property valued at $30,000. The partnership agreement states that profits are to be

Parnell and Adam are partners. Parnell contributed $40,000 and Adam contributed property valued at $30,000. 

Parnell and Adam are partners. Parnell contributed $40,000 and Adam contributed property valued at $30,000. The partnership agreement states that profits are to be split in proportion to capital contribution, but is silent as to how losses will be shared. Last year, the partnership had losses of $80,000. How were they shared?

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