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The first step in the liquidation of a partnership is to: O a. Allocate gain/loss on realization to the partners O b. Pay partnership liabilities

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

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