Question: A partnership has the following account balances Cash 70 000 Other
A partnership has the following account balances: Cash, $70,000; Other Assets, $540,000; Liabilities, $260,000; Nixon (50% of profits and losses), $170,000; Cleveland (30%), $110,000; Pierce (20%), $70,000. The company liquidates, and $8,000 becomes available to the partners. Who gets the $8,000?
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