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Question(s) / Instruction(s):

A local partnership has assets of cash of $13,000 and land worth $70,000. All liabilities have been paid and the partners are all insolvent. The partner’s capital accounts are as follows Roberts, $50,000, Ferry, $30,000 and Mones $3,000. The partners share profits and losses 5:3:2. If the land is sold for $45,000, how much cash will Mones receive in the final settlement?

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