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Dancey, Reese, Newman, and Jahn were partners who shared profits and losses on a 4:2 basis, respectively. They were beginning to liquidate their...

Dancey, Reese, Newman, and Jahn were partners who shared profits and losses on a 4:2:2:2 basis, respectively. They were beginning to liquidate their business. At the start of the process, capital balances were as follows:
Dancey Capital:72,000
Reese Capital:32,000
Newman Capital:52,000
Jahn Capital:24,000
Which one of the following statements is true for a predistribution plan? 
A. The first available $16,000 would go to Newman.
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Dancey, Reese, Newman, and Jahn were partners who shared profits and losses on a 4:2:2:2 basis, respectively. They were beginning to liquidate their business. At the start of the process, capital...

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