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Prior to liquidating their partnership, Pepper and Reynell had capital accounts of $20,000 and $78,000,...

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Accounting

Prior to liquidating their partnership, Pepper and Reynell had capital accounts of $20,000 and $78,000, respectively. The partnership assets were sold for $36,000. The partnership had no liabilities. Pepper and Reynell share income and losses equally.

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

b. Determine the amount distributed to Reynell, assuming Pepper is unable to satisfy the deficiency. $

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