This question should be answered using two IRAC structures. Please include all relevant key words in your answer.
Pedro and Maria start a law firm and form a partnership. However, they are not able to remain profitable. They take out a $10,000 loan from ABC Lender and put up the law firm’s printer as collateral. They also defer their bill payments to Office Infinity, a vendor that delivers paper and office supplies. Despite their best efforts, Pedro and Maria are eventually forced to dissolve their partnership and end up with $6,000. The law firm still owes a debt of $5,000 to ABC Lender and a debt of $2,000 to Office Infinity. Both companies are demanding immediate payment of these debts.
How and in what order should each of the partnership’s two debts be repaid?
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Hint
To answer this question, you should think about and discuss whether the debt to ABC Lender should be repaid, and then whether the debt to Office Infinity should be repaid.
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ABC Lender Debt
Office Infinity Debt
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