The ABC partnership (a general partnership with three partners) is dissolved in the process of terminating. Outside creditors are owed $50,000. The partners made no loans, but contributed $15,000 each in capital. After the assets are liquidated, there is $125,000. How will that amount be distributed?
Creditors - $50,000; no advances; $15,000 each for capital = $45,000; $10,000 each for profits = $30,000; total $125,000.
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