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Prior to liquidating their partnership, Porter and Robert had capital account balances of $320,000 and $200,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of the partnership assets. These partnership assets were sold for $500,000. The partnership had $20,000 of liabilities. Porter and Robert share income and losses equally.
Question 1: Determine the amount received by Porter as a final distribution from liquidation of the partnership.
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