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Prior to liquidating their partnership, Short and Haines had capital accounts of $21,000 and $71,000, respectively. The partnership assets were sold for $34,000. The partnership

Prior to liquidating their partnership, Short and Haines had capital accounts of $21,000 and $71,000, respectively. The partnership assets were sold for $34,000. The partnership had no liabilities. Short and Haines share income and losses equally. Required: a. Determine the amount of Short's deficiency. $ b. Determine the amount distributed to Haines, assuming that Short is unable to satisfy the deficiency

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