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Prepare four journal entries to record the liquidation

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Reference no: EM132526184

Partners Piccalo and Tuba share income and losses in a 4:2 ratio. They decide to liquidate their partnership on December 31, 2018. They sell the building for $320,000 cash

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Question 1: Complete the table below for 6 spaces below

Cash               Building          Accumulated Depreciation         Accounts Payable             Piccalo                         Tuba

58,000              264,000               (84,000)                           22,000                           162,000                  54,000

Question 2: Prepare 4 journal entries to record the liquidation

Reference no: EM132526184

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