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Determine the amount received by Dunn

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Question - Liquidating An unincorporated business form consisting of two or more persons conducting business as co-owners for profit.

Partnerships Prior to liquidating their partnership, Todd and Dunn had capital accounts of $27,000 and $50,000, respectively. Prior to The winding-up process when a partnership goes out of business. Liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $75,000. The partnership had $4,000 of liabilities. Todd and Dunn share income and losses equally.

Determine the amount received by Dunn as a final distribution from liquidation of the partnership.

Reference no: EM132504839

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