Prior to liquidating their partnership, Underwood and Morrison had capital accounts of $16,000 and $57,000,...
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Accounting
Prior to liquidating their partnership, Underwood and Morrison had capital accounts of $16,000 and $57,000, respectively. The partnership assets were sold for $27,000. The partnership had no liabilities. Underwood and Morrison share income and losses equally.
Required:
a. Determine the amount of Underwood's deficiency. $
b. Determine the amount distributed to Morrison, assuming that Underwood is unable to satisfy the deficiency.
$
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