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How much of that gain or loss is allocated to each partner

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At December 31, Oriole Company has cash of $25,000, equipment of $148,000, accumulated depreciation of $43,000, accounts payable of $54,000, and the following partners' capital balances: H. Bayer $51,000 and J. Leech $25,000. The partnership is liquidated on December 31 of the current year and $125,000 cash is received for the equipment. Bayer and Leech share profits and losses equally.

Question 1: How much is the gain or loss on the disposal of the noncash assets?

Question 2: How much of that gain or loss is allocated to each partner?

Question 3: How much cash will be paid to each of the partners when the company is liquidated on December 31?

Reference no: EM132611706

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