Prior to liquidating their partnership, Jolly and Haines had capital accounts of $28,000 and $100,000, respectively. The

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Prior to liquidating their partnership, Jolly and Haines had capital accounts of $28,000 and $100,000, respectively. The partnership assets were sold for $46,000. The partnership had no liabilities. Jolly and Haines share income and losses equally.r
Required:r
a. Determine the amount of Jolly's deficiency.r
b. Determine the amount distributed to Haines, assuming Jolly is unable to satisfy the deficiency.r

Posted Date: Apr 08, 2022 02:13 AM

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Prior to liquidating their partnership, Jolly and Haines had capital accounts of $28,000 and $100,000, respectively. The

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given data Jolly contribution28000 Haines contribution100000 Partn... View the full answer

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