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Liquidating PartnershipsDeficiency Prior to liquidating their partnership, Underwood and Russo had capital accounts of $9,000...

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Accounting

Liquidating PartnershipsDeficiency

Prior to liquidating their partnership, Underwood and Russo had capital accounts of $9,000 and $32,000, respectively. The partnership assets were sold for $15,000. The partnership had no liabilities. Underwood and Russo share income and losses equally.

Required:

a. Determine the amount of Underwood's deficiency. $

b. Determine the amount distributed to Russo, assuming Underwood is unable to satisfy the deficiency. $

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