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Prior to liquidating their partnership, Wakefield and Barns had capital accounts of $105,000 and $55,000 respectively. The partnership assets were sold for $50,000 and had

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Prior to liquidating their partnership, Wakefield and Barns had capital accounts of $105,000 and $55,000 respectively. The partnership assets were sold for $50,000 and had $10,000 of liabilities. They share income and losses equally. a. Determine the amount of Barns' deficiency b. Determine the amount distributed to Wakefield, assuming Barns is unable to satisfy the deficiency

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