Question: Identify the first step to take when liquidating a partnership. Multiple choice question. Pay or settle partner liabilities. Distribute remaining cash to partners based on

Identify the first step to take when liquidating a partnership.
Multiple choice question.
Pay or settle partner liabilities.
Distribute remaining cash to partners based on capital balances.
Allocate gains or losses to partners using income-and-loss-sharing ratios.
Record the sale of noncash assets and any resulting gains or losses.

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