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13-158. Elise, Farrah, and Gina are liquidating their business. They share income and losses in a 2:3:1 ratio, respectively, and currently have capital balances of

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13-158. Elise, Farrah, and Gina are liquidating their business. They share income and losses in a 2:3:1 ratio, respectively, and currently have capital balances of $30,000, $21,000, and $39,000, respectively. In addition, the partnership has $15,000 in cash, $25,000 in accounts payable, and $100,000 in noncash assets. Elise and Gina are personally solvent, but Farrah is not. Assuming that the noncash assets are sold for S46,000, prepare all liquidation entries in the journal provided. (Omit explanations.) General Journal Page 1 Post Date Description Ref. Debit Credit

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