Green, Tan, and Brown decide to liquidate their partnership. The partnership agreement states that they share...

 

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Green, Tan, and Brown decide to liquidate their partnership. The partnership agreement states that they share income and losses equally. Partner capital balances follow: Green, $129,700, Tan, $167.100; and Brown, $156,000. On December 31, the liquidation results in a $405,000 loss. Enter answers in the tabs below. Required 1 Required 2 Required 3 Determine each partner's capital account balance after the loss from liquidation is allocated. Note: Losses and deficit capital balances should be entered as a negative number with a minus sign. Brown Capital balances prior to liquidation Loss allocation Capital balances after liquidation Green Tan Total Green, Tan, and Brown decide to liquidate their partnership. The partnership agreement states that they share income and losses equally. Partner capital balances follow: Green, $129,700, Tan, $167.100; and Brown, $156,000. On December 31, the liquidation results in a $405,000 loss. Enter answers in the tabs below. Required 1 Required 2 Required 3 Determine each partner's capital account balance after the loss from liquidation is allocated. Note: Losses and deficit capital balances should be entered as a negative number with a minus sign. Brown Capital balances prior to liquidation Loss allocation Capital balances after liquidation Green Tan Total

Answer rating: 100% (QA)

Calculation of the total capital balance before liquidation ... View the full answer