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The first step in the liquidation of a partnership is to: O a. Pay partnership liabilities O b. Sell noncash assets and recognize a gain

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

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