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Please please please when you submit your answer make sure the view is large enough so I can see your whole answer and that it
Please please please when you submit your answer make sure the view is large enough so I can see your whole answer and that it is not cut off. I've struggled with this a lot on Chegg and I have not been able to see the full answer because half of the response is cut off. Please make sure the image is fit to screen so I can see it or even slightly smaller thank you. please
Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Short and Reynell had capital accounts of $22,000 and $84,000, respectively. The partnership assets were sold for $38,000. The partnership had no liabilities. Short and Reynell share income and losses equally. Required: a. Determine the amount of Short's deficiency 22,000 X b. Determine the amount distributed to Reynell, assuming Short is unable to satisfy the deficiency. 28,000 X Feedback Check My Work a. 1. Begin with Short's equity prior to liquidation 2. Sell the assets and recognize any gain or loss 3. Allocate the gain/loss to partner capital accounts based on equal share. 4. Add beginning equity plus allocated gain loss to determine liquidation deficiency b. If a partner is unable satisfy a deficiency, the balance is shared among the remaining partnersStep by Step Solution
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