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Determine the cash payment that patrick receives

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Question - The Oliver, Patrick & Quincy Partnership is beginning liquidation. It has no cash, total liabilities of $60,000, including a $10,000 loan payable to Patrick, and equal partners' capital account balances of $40,000. The income-sharing ratio is 5:1:4, respectively. If a portion of the noncash assets with a carrying amount of $140,000 realizes $120,000, determine the cash payment that Patrick receives?

Reference no: EM133131170

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