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Partners Ron and Sandra have $6,000 capital balances and share income and losses in a 2:1 ratio, respectively. Cash equals $2,000, noncash assets are $20,000,
Partners Ron and Sandra have $6,000 capital balances and share income and losses in a 2:1 ratio, respectively. Cash equals $2,000, noncash assets are $20,000, and liabilities are $10,000. If all the noncash assets are sold for $11,000, and each partner agrees to make up any capital deficits with personal cash contributions, Sandra eventually will receive cash of:
a) $0.
b) $1,000.
c) $1,500.
d) $2,000.
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