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Determine the amount distributed to greer

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Reference no: EM131125749

1. Prior to liquidating their partnership, Greer and Murphy had capital accounts of $70,000 and $30,000, respectively. The partnership assets were sold for $25,000. The partnership had no liabilities. Greer and Murphy share income and losses equally.

(a) Determine the amount of Murphy's deficiency.

(b) Determine the amount distributed to Greer, assuming Murphy is unable to satisfy the deficiency .

Reference no: EM131125749

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