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Which of the statements is correct

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Question - Partner C decided to retire when the partners' capital balances were: A, capital, 600,000; B, capital, 600,000; and C, capital, 400,000. It was agreed that Partner C is to take the partnership's fully depreciated equipment with a fair value of 24,000 and a note for the balance of his interest. The historical cost of the equipment is 36,000. The partners share in profits and losses equally. Which of the following statements is correct?

Reference no: EM133005228

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