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Determine the amount received by todd as final distribution

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Reference no: EM132837129

Liquidating Partnerships

  • Prior to liquidating their partnership, Todd and Ericson had capital accounts of $61,000 and $92,000, 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 $171,000. The partnership had $5,000 of liabilities. Todd and Ericson share income and losses equally.

Problem 1: Determine the amount received by Todd as a final distribution from liquidation of the partnership.

Reference no: EM132837129

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