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Determine the amount received by todd as final distribution

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Question - Prior to liquidating their partnership, Todd and Gentry had capital accounts of $31,000 and $57,000, 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 $78,000. The partnership had $4,000 of liabilities. Todd and Gentry share income and losses equally. Determine the amount received by Todd as a final distribution from liquidation of the partnership.

Reference no: EM132637043

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