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The first step in the liquidation of a partnership is to: a. distribute remaining cash to the partners. b. pay partnership liabilities. c. sell noncash

The first step in the liquidation of a partnership is to:

a. distribute remaining cash to the partners.

b. pay partnership liabilities.

c. sell noncash assets and recognize a gain or loss on realization.

d. allocate a gain or loss on realization to the partners.

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