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Liquidating PartnershipsDeficiency Prior to liquidating their partnership, Pepper and Morrison had capital accounts of $21,000...

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Accounting

Liquidating PartnershipsDeficiency Prior to liquidating their partnership, Pepper and Morrison had capital accounts of $21,000 and $85,000, respectively. The partnership assets were sold for $40,000. The partnership had no liabilities. Pepper and Morrison share income and losses equally.

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