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Determine the amount of Barns deficiency

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Problem - Prior to liquidating their partnership, Wakefield and Barns had capital accounts of $105,000 and $55,000, respectively. The partnership assets were sold for $40,000. The partnership had no liabilities. Wakefield and Barns share income and losses equally.

Required -

a. Determine the amount of Barns's deficiency.

b. Determine the amount distributed to Wakefield, assuming that Barns is unable to satisfy the deficiency.

Reference no: EM132785050

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