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Determine the amount distributed to Bain

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Problem - Prior to liquidating their partnership, Short and Bain had capital accounts of $20,000 and $80,000, respectively. The partnership assets were sold for $40,000. The partnership had no liabilities. Short and Bain share income and losses equally.

a. Determine the amount of Short's deficiency.

b. Determine the amount distributed to Bain, assuming that Short is unable to satisfy the deficiency.

Reference no: EM132692925

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