Liquidating Partnerships—Deficiency Prior to liquidating their partnership, Short and Bain hadcapita

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Liquidating Partnerships—Deficiency Prior to liquidating their partnership, Short and Bain hadcapital accounts of $10,000 and $37,000, respectively. Thepartnership assets were sold for $17,000. The partnership had noliabilities. Short and Bain share income and losses equally. Required: a. Determine the amount of Short’sdeficiency.

$ b. Determine the amount distributed to Bain,assuming Short is unable to satisfy the deficiency. . . .

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