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The ABC Partnership decided to terminate its affairs as of December 31, 2018. The following information is taken from the balance sheet that was prepared as of the date of termination:
All noncash assets were sold for $750,000. (Hint: On your worksheet, combine all noncash assets as $1,000,000.) All liabilities were paid. All partners are personally solvent.
Prepare a worksheet showing sale of assets, payment of liabilities and distribution to partners. Show all computations.