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The Field, Brown, & Snow are partners and share income and losses equality. The partner...

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Accounting

The Field, Brown, & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their Capital balances are as follows: Field, $129,400 Brown, $166,100; and Snow, $155,400. On May 31, the liquidation resulted in a loss of $406,200.image

Required information [The following information applies to the questions displayed below.] The Field, Brown \& Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, \$129,400; Brown, \$166,100; and Snow, \$155,400. On May 31, the liquidation resulted in a loss of $406,200. 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative capital balances, if any, should be entered with a minus sign

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