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The Cool, Hand, and Luke partnership had two assets: (1) cash of $31.000 and (2) an investment with a book value of $104,000. The ratio
The Cool, Hand, and Luke partnership had two assets: (1) cash of $31.000 and (2) an investment with a book value of $104,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were: Cool, capital: 518,000 Hand, capital: 575,000 Luke, capital: $42,000 If the investment was sold for $44.000, how much cash would each partner have received? All three partners are insolvent and none of them will make up any of their own deficits. [3 points] Cool received: 12.000 Hand receved: 60,000 A Luke received 27.000 A D Med PA Page 1 of 23
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