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4.) Bob and Ted are partners. Bob is a 70% partner and Ted is a 30 % partner. They have decided to liquidate the partnership.

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4.) Bob and Ted are partners. Bob is a 70% partner and Ted is a 30 % partner. They have decided to liquidate the partnership. Liquidation expenses are estimated to be $ 6,000. The partnership balance sheet at the date of liquidation is as follows: Assets: Cash Non cash assets 60,000 180,000 Liabilities and capital: Liabilities Total capital 15,000 225,000 Total assets 240,000 Total liabilities and capital 240,000 As of the date of liquidation Bob has 80,000 of capital and Ted has 145,000 of capital Prepare journal entries for the following transactions ( SHOW ALL WORK. I WILL DEDUCT IF I DON'T SEE HOW YOU GOT YOUR ANSWERS) 20 points A.) Distributed safe cash payments to the partners B.) Paid the liabilities in full C. ) Sold noncash assets for 150,000 D.) Distributed safe cash payments to the partners E.) Paid liquidating expenses totaling 4,000 F.) Made final distributions to the partners

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