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Prior to liquidating their partnership, Todd and Ericson had capital accounts of $17,000 and $28,000, respectively. Prior to liquidation, the partnership had no cash
Prior to liquidating their partnership, Todd and Ericson had capital accounts of $17,000 and $28,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $51,000. The partnership had $2,000 of liabilities. Todd and Ericson share income and losses equally. Determine the amount received by Todd as a final distribution from liquidation of the partnership. x
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