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The first step in the liquidation of a partnership is to: O a. Distribute remaining cash to partners O b. Sell noncash assets and recognize

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

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