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The first step in the liquidation of a partnership is to: O a. Pay partnership liabilities O b. Distribute remaining cash to partners Oc Allocate

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The first step in the liquidation of a partnership is to: O a. Pay partnership liabilities O b. Distribute remaining cash to partners Oc Allocate gain/loss on realization to the partners O d. Sell noncash assets and recognize a gain or loss on realization

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