Select from the list provided the correct order in which each of the following steps must be taken when distributing partnership assets to partners pursuant to a liquidation of the partnership

Steps During Liquidation	Answer		Choices
1. Remaining assets are assumed to have a fair value of $0			A) First
2. Any deficit balance in a partners account is allocated			B) Second
3. Any gain or loss realized from the actual sale of assets is allocated			C) Third
4. Cash is distributed			D) Fourth