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Please answer this question. Exercise 6 (LO 9) Amounts to be received by a partner during liquidation. A con- densed balance sheet for a partnership
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Exercise 6 (LO 9) Amounts to be received by a partner during liquidation. A con- densed balance sheet for a partnership to be liquidated is as follows: Assets Liabilities and Capital Cash Receivables (net) Inventory . . .. Equipment (net) . . . .145,000 Other assets. Total assets $ 92,000 70,000 46,000 90,000 80,000 20,000 Accounts payable . 88,000 Loan payable to Partner A. 70,000 A, capital B, capital. capital.. .. $378,000 Total liabilities . . . . $378,000Step by Step Solution
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