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Prepare the entries for the sale and the allocation of gain

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Problem - On liquidation of the partnership of J. Hui and K. Cline, as of November 1, 20--, inventory with a book value of $180,000 is sold for $230,000. Given that Hui and Cline share profits and losses equally, prepare the entries for the sale and the allocation of gain.

Reference no: EM132723201

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