A B C D E F G H 103 104 g) After divding the income for the year, all parties agreed to liquidate the partnership. The values of the assets and 105 liabilities are shown below. The furniture is sold for $59,880 and all other assets are sold at their given values. Any gains or 106 losses from liquidation are split evenly among all partners. 107 108 Cash $416,200 109 Accounts Receivable 76,000 110 Net Equipment 244,920 111 Net Furniture 74,880 112 Accounts Payable 46,200 113 Bank Loan 103,6001 114 115 Prepare the journal entries to sell the assets, distribute any gains or losses to the partners, pay the liabilities and distribute 116 the cash to the partners. 117 118 Date Account Title and Explanation Debit Credit 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 Sheet1 +