Liquidating Partnerships Prior to liquidating their partnership, Fowler and Dunn had capital accounts of $48,000 and $81,000, respectively.

Liquidating Partnerships

Prior to liquidating their partnership, Fowler and Dunn had capital accounts of $48,000 and $81,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $114,000. The partnership had $5,000 of liabilities. Fowler and Dunn share income and losses equally.

Determine the amount received by Dunn as a final distribution from liquidation of the partnership.