Question: Identify the first step to take when liquidating a partnership. Multiple choice question. Distribute remaining cash to partners based on capital balances. Record the sale

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

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