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A partnership agreement provides that, at sale, cash proceeds are distributed first to Mr Smith in.. 1 answer below » A partnership agreement provides that, at sale, cash proceeds are distributed first to Mr Smith in an amount equal to his original investment less any cash distributions previously received then split 50-50 between Mr Smith and Ms Jones. Assume that the cash flows from sale are $1 million. How much would Mr Smith receive if his initial investment was $400,000 and he previously received $25,000 in distributions? (A) $312,500 (B) $500,000 (C) $375,000 (D) $487,500 (E) $687,500 Oct 24 2015 10:31 AM