Business, 16.07.2020 04:01 SJ9320

Prior to liquidating their partnership, Pepper and Reynell had capital accounts of $13,000 and $49,000, respectively. The partnership assets were sold for $24,000. The partnership had no liabilities. Pepper and Reynell share income and losses equally. Required: a. Determine the amount of Pepper's deficiency. $ b. Determine the amount distributed to Reynell, assuming Pepper is unable to satisfy the deficiency. $

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Prior to liquidating their partnership, Pepper and Reynell had capital accounts of $13,000 and $49,0...

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