The partners’ profit and loss percentages are shown parenthetically after the above capital balances. If the partnership is liquidated, the following information will be relevant:
1. Jacobs estimates that additional unrecorded liabilities of $12,000 will be discovered.
2. Noncash assets can be sold for approximately $232,000.
3. Liquidation expenses, including brokerage and professional fees, will be approximately $18,000.
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