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Required information [The following information applies to the questions displayed below.] The Field, Brown & Snow are partners and share income and losses equality.
Required information [The following information applies to the questions displayed below.] The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $130,800; Brown, $166,500; and Snow, $153,000. On May 31, the liquidation resulted in a loss of $407,700. 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. (Losses and negative capital balances, if any, should be entered with a minus sign.) Field Brown Snow Total Initial investments $ 130,800 $ 166,500 $ 153,000 $ 450,300 Loss allocation 1/3 0 Capital balances $ 450,300
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