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Question - A local partnership has assets of cash of $5,000 and a building worth $80,000. All liabilities have been paid and the partners are all insolvent. The partners capital accounts are as follows Harry $40,000, Landers $30,000 and Waters 15,000. The partners share profits and losses 4:4:2.
If the building is sold for $50,000,
a. How much cash will the partners receive in the final settlement?
b. Journal Entries for Selling of Assets, Payment of Liabilities, and Settlement of Capital?
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1.Fizer Pharmaceutical paid $68 million on January 2, 2013, for 4 million shares of Carne Cosmetics common stock.
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