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The partners share income and loss 5: 3: 2. During the process of liquidation, the transactions below were completed in the following sequence. A total

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The partners share income and loss 5: 3: 2. During the process of liquidation, the transactions below were completed in the following sequence. A total of $55,000 was received from converting noncash assets into cash. Gain or loss on realization was allocated to partners. Liabilities were paid in full. Cash was paid to the partners with credit balances

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