Three partners decided to liquidate their partnership. In accordance with their 3:2:1 income ratio, during step 2 of the process, partner 1 was allocated $7,500, partner 2 was allocated $5,000, and partner 3 was allocated $2,500. The total cash assets for the company at the time of liquidation totaled $9,000. How much was the gain during step 1 of the liquidation process?   1.$9,000 2.$15,000 3.$6,000 4.$24,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Three partners decided to liquidate their partnership. In accordance with their 3:2:1 income ratio, during step 2 of the process, partner 1 was allocated $7,500, partner 2 was allocated $5,000, and partner 3 was allocated $2,500. The total cash assets for the company at the time of liquidation totaled $9,000. How much was the gain during step 1 of the liquidation process?

 

1.$9,000
2.$15,000
3.$6,000
4.$24,000
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