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QUESTION
A, B and C are the original members of ABC, a cash-method general partnership, with a fiscal year ending January 31.
1. A, B and C are the original members of ABC, a cash-method general partnership, with a fiscal year ending January 31. Each partner has a one-third interest in the capital, profits, and losses of ABC. Each originally contributed $10 to ABC for their partnership interests. The partnership balance sheet is as follows:Asset
