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Business, 25.06.2021 02:50 lesly0913

Liquidating Partnerships—Deficiency Prior to liquidating their partnership, Wakefield and Barns had capital accounts of $105,000 and $55,000, respectively. The partnership assets were sold for $40,000. The partnership had no liabilities. Wakefield and Barns share income and losses equally. a. Determine the amount of Barns' deficiency. $fill in the blank 1 b. Determine the amount distributed to Wakefield, assuming Barns is unable to satisfy the deficiency. $fill in the blank 2

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Liquidating Partnerships—Deficiency Prior to liquidating their partnership, Wakefield and Barns had...
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