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Please show calculations/solutions and give explanation The partnership of Dale, Edgar, and Fred was dissolved, and by July 1, 20X6, all assets had been converted

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Please show calculations/solutions and give explanation

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The partnership of Dale, Edgar, and Fred was dissolved, and by July 1, 20X6, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on July 1, 20X6 (with partner residual profit and loss sharing ratios) was as follows: Dale, Edgar, and Fred Partnership Balance Sheet July 1, 20X6 Dale, Cash P10,000 capital P(20,000) (40%) Edgar, capital (10,000) (30%) Fred, capital P40,000 (30%) Total P10,000 Total P10,000 assets equityThe value of partners' personal assets and liabilities on July 1, 20X6 were as follows: Dale Edgar Fred Personal assets P45,000 P30,000 P25,000 Personal liabilities 30,000 20,000 10,000

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