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2007 January 1 - The partners decide to liquidate the partnership. They have the following balances: Cash $12 000 Accounts Receivable $8 166 Equipment $
2007 January 1 - The partners decide to liquidate the partnership. They have the following balances: Cash $12 000 Accounts Receivable $8 166 Equipment $ 110 000 Accumulated Depreciation $ 25 000 Accounts Payable $ 11 000 The partners were able to collect $3500 of the accounts receivable and sell the equipment for $52 000. Record the entries to sell off the assets, allocate the loss on sale to the partners and to dissolve the partnership, assuming Brady pays for the shortfall from personal funds
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