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The JKL Partnership Liquidated Its Business in 20X9

question 63

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The JKL partnership liquidated its business in 20X9.Due to an expected long liquidation period,a cash distribution plan was developed.The initial sale and realization of cash from noncash assets resulted in partner K properly getting $24,000.No other partners received cash along with K.Based upon this information,which of the following statements is correct?
I.K's loss absorption power (LAP) was higher than J's LAP and L's LAP.
II.K's capital balance was substantially larger than the balances of J and L.


Definitions:

Splenius

A band of muscle in the back of the neck and upper thoracic region important for movements of the head and neck, such as rotation and extension.

Occipital Bone

A bone that forms the posterior and lower part of the skull, having a crucial role in cranial structure and protection of the brain.

Desktop Search Engines

Software systems designed to search for information on a user's own computer.

Digg

A social news website that allows users to submit and vote on content.

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