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Determine amount received by Gentry as a final distribution

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Problem - Prior to liquidating their partnership, Todd and Gentry had capital accounts of $50,000 and $100,000, respectively. Prior to liquidation, the partnership had no other cash assets than what was realized from the sale of assets. These assets were sold for $220,000. The partnership had $20,000 of liabilities. Todd and Gentry share income and losses equally. Determine the amount received by Gentry as a final distribution from the liquidation of the partnership.

Reference no: EM132784996

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