From the following, journalize the (a) Sale of assets (b) Loss or gain from liquidation realization. Given:

Question:

From the following, journalize the
(a) Sale of assets
(b) Loss or gain from realization. Given:
Cash ............. $ 3,350
Other Assets .......... 17,000
Liabilities ............ 4,900
Maxwell, Capital ......... 5,900
Brook, Capital .......... 7,800
Eddie, Capital .......... 8,300
Partners agreed to share losses or gains in an 8:4:4 ratio and sold assets for $21,000.

Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due....