Determine amount received by morgan as a final distribution

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Reference no: EM13216038

Liquidating Partnerships
Prior to liquidating their partnership, Morgan and Chow had capital accounts of $32,000 and $60,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $120,000. The partnership had $10,000 of liabilities. Morgan and Chow share income and losses equally.
Determine the amount received by Morgan as a final distribution from liquidation of the partnership.

Reference no: EM13216038

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