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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $164,400; total liabilities, $110,000; Turner, Capital, $5,700; Roth, Capital, $15,600; and Lowe, Capital, $33,100. The liquidation resulted in a loss of $98,400. Complete this question by entering your answers in the tabs below. Required A Required B Allocate the loss to the partners. (Losses and deficits should be indicated with a minus sign.) Turner $ 5,700 Roth $ 15,600 Lowe 33,100 $ Total 54,400 $ Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) 1/3 0 Complete this question by entering your answers in the tabs below. Required A Required B Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Turner Roth Lowe Total Capital balance deficiency $ 0
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