On March 31, 1990, the accounting equation for Rae's Antiques, a single proprietorship, showed the following: On
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On March 31, 1990, the accounting equation for Rae's Antiques, a single proprietorship, showed the following:
On that date, Rae Wong sold the "Other assets" for \(\$ 40,000\) in preparation for ending and liquidating the business of Rae's Antiques.
\section*{Required}
1. Prepare a balance sheet for the shop as it would appear immediately after the sale of the assets.
2. Tell how the shop's cash should be distributed in ending the business and why.
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