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When Jim gave notice to Pete and John of dissolution of their entertainment partnership business, the capital accounts were as follows: Jim: $30.000 Pete: $50.000

When Jim gave notice to Pete and John of dissolution of their entertainment partnership business, the capital accounts were as follows: Jim: $30.000 Pete: $50.000 John: $20.000 The partnership assets were liquidated to $30,000. Outstanding liabilities to third parties totaled $39,000. Jim, Pete and John will each respectively receive

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