Indicate (by number)the way each of the items listed below should be reported in a balance sheet at December 31,2016.Match each phrase with the number of the term for the accounting treatment.
Definitions:
UPA
Uniform Partnership Act, a standardized set of laws to regulate the formation and management of partnerships in the United States.
Mortgage
A transfer of an interest in property for the purpose of creating a security for a debt.
Partnership Property
Assets purchased or acquired for the purpose of the partnership business, jointly owned by all partners according to the partnership agreement.
Legal Position
The stance or argument taken on a legal issue, often based on laws, precedents, and principles.
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