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Prepare all liquidation entries in the journal

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Chelsea, Harry, and Rex are liquidating their business. They share income and losses in a 1:2:3 ratio,respectively, and currently have capital balances of $30,000, $26,000, and $24,000, respectively. Inaddition, the partnership has $10,000 in cash, $30,000 in accounts payable, and $100,000 in noncashassets. Chelsea and Harold are personally solvent, but Ryan is not. Assuming that the noncash assets aresold for $40,000,

Prepare all liquidation entries in the journal provided without explanation.

Reference no: EM131759615

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