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The partnership of Edmonds, Beatty, and Elder has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances:
Cash $105,600
Liabilities $77,000
Noncash assets 389,400
Frick, capital (60%) 222,200
Wilson, capital (20%) 61,600
Clarke, capital (20%) 134,200
Total assets $495,000
Total liabilities and capital $495,000
The following transactions occur in liquidating this business:
Problem 1: Produce a final schedule of liquidation for this partnership.
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