Question: When a partnership dissolves, the first step in the dissolution process is to ________. A. Allocate the gain or loss on sale based on income

When a partnership dissolves, the first step in the dissolution process is to ________.
A. Allocate the gain or loss on sale based on income sharing ratio
B. Pay off liabilities
C. Sell noncash assets
D. Divide the remaining cash among the partners

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