(b) X X X X (C) X X X X (d) X X X X X X lmentory is sold for $298,200 and the partners ha\e no assets other than those imested in the partnership. tep 1) Determination of gain (loss) roceeds from the sale of inventory $ 298,200 ventory Cost X x ? tep 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY MEI Total itial capital balances $ 74,300 $ 167,175 $ 130,025 $ 371,5( llocation of gains (losses) X X X X x X apital balances after gains (losses) 371,5( llocation of deficit balance X X x x apital balances after deficit allocation $ 371 ,5(
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