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The partnership of Jan, Feb, and Mar became insolvent during 2016, and the partnership ledger shows the following balances after all partnership assets have been
The partnership of Jan, Feb, and Mar became insolvent during 2016, and the partnership ledger shows the following balances after all partnership assets have been converted into cash and all available cash distributed: Profit- and loss-sharing percentages for the three partners are Jan, 30 percent; Feb, 30 percent; and Mar, 40 percent. The personal assets and liabilities of the partners are as follows
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