| December 10, 2015

Dill and Edy form a partnership. Edy%u2019s capital contribution is $10,000, and Dill%u2019s is $15,000. The partnership agreement provides that profits are to be shared, with 40 percent for Edy and 60 percent for Dill. Later, Edy makes a $10,000 loan to the partnership when it needs working capital. When the partnership is dissolved, its assets are $50,000, and its debts are $8,000. How should the assets be distributed? Be very specific as to the order of who gets paid what amounts when and why.

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