Homework Answers
DETERMINATION
OF AMOUNT RECEIVED BY FOWER AS A FINAL DISTRIBUTION FROM
LIQUIDATION OF PARTNERSHIP
| Fower Equity Capital prior to liquidating | $23000 |
|
ADD: Gain of sale of Assets after adjusting Liabilities ( ($59000-$2000 i.e $57000) X 1/2) (Fower and Ericson Share Income and losses equally) |
$28500 |
| Amount received by Fower as a Final distribution from liquidation of Partnership | $51500 |
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