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prior to liquidating their partnership, Callie and Morrison had capital accounts of $26,000 and $108,000 respectively Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Callie and
prior to liquidating their partnership, Callie and Morrison had capital accounts of $26,000 and $108,000 respectively Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Callie and Morrison had capital accounts of $26,000 and $108,000, respectively. The partnership assets were sold for $54,000. The partnership had no liabilities. Callie and Morrison share income and losses equally. Required: a. Determine the amount of Callie's deficiency. b. Determine the amount distributed to Morrison, assuming Callie is unable to satisfy the deficiency
prior to liquidating their partnership, Callie and Morrison had capital accounts of $26,000 and $108,000 respectively
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