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The liquidation of a partnership is a process containing the following steps: Pay partnership liabilities...

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Accounting

The liquidation of a partnership is a process containing the following steps:
Pay partnership liabilities in cash.
Allocate the gain or loss on realization to the partners based on their income ratios.
Sell noncash assets for cash and recognize a gain or loss on realization.
Distribute remaining cash to partners on the basis of their remaining capital balances.
Identify the proper sequencing of the steps in the liquidation process.
1,3,2,4.
1,4,3,2.
3,2,1,4.
3,2,4,1.
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