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A partnership has the following account balances:
Cash, $75,000;
Other Assets, $565,000;
Liabilities, $265,000;
Nixon (50 percent of profits and losses), $175,000;
Cleveland (30 percent), $125,000;
Pierce (20 percent), $75,000.
The company liquidates, and $16,000 becomes available to the partners.
Question 1: Who gets the $16,000? Determine how much of this amount should be distributed to each partner. (Do not round intermediate calculations.)
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