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please show all work The Cool, Hand, and Luke partnership had two assets: (1) cash of $31,000 and (2) an investment with a book value
please show all work
The Cool, Hand, and Luke partnership had two assets: (1) cash of $31,000 and (2) an investment with a book value of $104,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were: Cool, capital: $18,000 Hand, capital: $75,000 Luke, capital: $42,000 If the investment was sold for $44.000, how much cash would each partner have received? All three partners are insolvent and none of them will make up any of their own deficits. [3 points] Cool received: A Hand received: A Luke received: A/ Step by Step Solution
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