The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liquidation: cash, $25,900; other assets, $147,000; liabilities, $38,800; Morgan, capital, $64,400; Rockwell, capital, $69,700. The other assets were sold for $133,800. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive cash totaling
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The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liqui...
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