3. Alex, Becky, and Cindy contributed $30,000, $15,000, and $5,000 respectively, to the ABC Partnership, a general partnership. Upon dissolution, after paying all creditors, $20,000 remains. The partnership has suffered a $30,000 loss because $50,000 was contributed to capital and only $20,000 remains. The partnership agreement is silent as to how losses are to be divided, but provides that profits are to be allocated 40% to Alex, 25% to Becky, and 35% to Cindy. How will the partnership losses be allocated? What will each partner receive or what will be each partner’s responsibility?
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3. Alex, Becky, and Cindy contributed $30,000, $15,000, and $5,000 respectively, to the ABC Partners...
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