The book value of the assets of the KLM partnership is ($ 100,000). In liquidation, the partnership

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The book value of the assets of the KLM partnership is $\$ 100,000$. In liquidation, the partnership sells the assets for $\$ 130,000$. How should the partnership account for the sale of the assets?

a. Credit the assets for $\$ 100,000$

b. Debit cash for $\$ 130,000$

c. Increase the partners' capital accounts

d. All of the above

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Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

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Question Posted: May 10, 2024 09:01 AM

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The book value of the assets of the KLM partnership is ($ 100,000). In liquidation, the partnership

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