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Prepare journal entries for allocation of its gain or loss

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Question: Asure, Ramirez, and Soney, who share income and loss in a 2:1:2 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears as follows.

1222_Asure.png

Required Prepare journal entries for

(a) the sale of equipment,

(b) the allocation of its gain or loss,

(c) the payment of liabilities at book value, and

(d) the distribution of cash in each of the following separate cases: Equipment is sold for

(1) $325,000;

(2) $265,000;

(3) $100,000 and any partners with capital deficits pay in the amount of their deficits; and

(4) $75,000 and the partners have no assets other than those invested in the partnership. (Round amounts to the nearest dollar.)

Reference no: EM131534442

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