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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Turner, Roth, and Lowe are
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10% Roth, 40% and Lowe, 50% ). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $140,400; total liabilities, $90,000, Turner, Capital, $3.700, Roth, Capital, $14,600, and Lowe, Capital, $32,100. Cash received from selling the assets was sufficient to repay all but $34,000 to the creditors Exercise 12-14 Liquidation of limited partnership LO P5 Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $34,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.)
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