Liquidating Partnerships Prior to liquidating their partnership, Fowler and Gentry had capital accounts of $41,000...
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Accounting
Liquidating Partnerships
Prior to liquidating their partnership, Fowler and Gentry had capital accounts of $41,000 and $62,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $114,000. The partnership had $3,000 of liabilities. Fowler and Gentry share income and losses equally.
Determine the amount received by Fowler as a final distribution from liquidation of the partnership. $_______________
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