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A partnership has four partners. One partner retires, and is paid using partnership assets. The...

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Accounting

A partnership has four partners. One partner retires, and is paid using partnership assets. The payment made to a retiring partner: (Points : 1) Must be defined in the partnership agreement Is defined by either the partnership agreement or as agreed at the time of retirement Equals one fourth of total partnership net assets, unless the partnership agreement states otherwise Always equals the balance in the retiring partner's capital account

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