ACC 112 Project 10 Nicholas Jay, Kamis Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses their balance sheet appeared as follows: d gains in a 1:45 ratio, and on the day of the liquidation Assets Cash Land The Jaljairam Company Balance Sheet December 20, 2016 Llabilities and Owners' Equity $61,000 Notes Payable 192,000 Nicholas Jay, Capital 205,000 Kamla Paul, Capital Stephanie Ram, Capital $458,000 Total Liabilities & Owners' Equity Buildings $94,000 73,000 208,000 83,000 $458,000 Total Assets Under the following four independent assumptions, prepare the journal entries for the sale of the land and buildings, allocation of any loss or gain, any defica(s), the payment of the liabisty, and the distributions to the partners, 1) The "land" and "Buildings were sold for $447,000. (Credit account titles are automatically indented when the amount i red. Do not indent manually. Do not use dollar signs (S) when entering amounts. To see comma-formatted numbers reflected in your answers, you must enter your answers with commas. Round answers to 2 decimal places, e.g. 5,275.25.) Debit Credit Date Account Titles and Explanation 2016 Dec. 20 (To record the sale and realization of noncash assets MacBook Pro To allocate the loss or gain on conte parten To record payment of partnership ability (To record distribution of cash to partners) Before moving onto the next section, please do the following for screen help, click on the hype below 1. Scroll to the end of the page and click on the "Save for later button to save your work 2. When you are ready to begin the next section you can reference the work that you have completed by clicking on the of the page. Doing this will open your saved answers in a new window to help you complete the next section, version at the Complete these steps each time you have finis steps each time you have finished a section. Do not click on the "Submit Answers button until you have completed all of the sections MacBook Pro 2) The "land" and "Buildings were sold for $312.000. (Credit account s are automatically indented when the amount is entered. Do not indent l yDo not use dollar signs ($) when entering amoun. To see comma-formatted numbers reflected in your final answers, you must enter your awesi commas. Round answers to 2 decimal places 5.275.25.) Date Account Titles and Explanation Debit Credit 2016 Dec. 20 (To record the sale and realization of noncash assets) (To allocate the loss or gain on realization to partners) (To record payment of partnership liability MacBook Pro INTER VERSION BACK NEXT (To record distribution of cash to partners) Before moving onto the next section, please do the following for screen help, elle on the hyperlinks below) 1. Scroll to the end of the page and click on the "Save for Later" button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the Submit Answers" button until you have completed all of the sections. LINK TO TEXT 3) The Land" and "Buildings were sold for $177,000, and any partners with a resulting deficits can and do pay the amount of their des. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollars (8) when entering amounts. To me comma-formatted numbers reflected in your final answers, you must enter your answers with commas. Round answers to a decima placa .275.25.) Cred Date Account Titles and Explanation 2016 Dec. 20 MacBook Pro (To allocate the loss or gain on ration to partners) (To record payment of the capital deficiency by Stephanie) (to record payment of partnership ability) (To record distribution of cash to partners) Before moving onto the next section, please do the following for seneer help, click on the hyperlink below) 1. Scroll to the end of the page and click on the "Save for later button to save your wor 2. When you are ready to begin the next section you can reference the work that you have completed by clicking on the entry of the page. Doing this will open your saved answers in a new window to help you complete the next section on button at the top Complete these steps each time you have finished a section. Do not click on the Submit Answer button until you have completed all of the sections MacBook Pro 4) The Land" and Buildings were sold for $147,000, and the partners with its have no other than those invested in the business ( acc e s are automaty dotad when the amount is entered. Do not indent manually. Do not use dollar signs (9) when entering amounts. To we comma-formatted numbers reflected in your faal answers, you must enter your answers with commas. Hound answers to decimal places, 5.275.25.) Debit Date Account Titles and Explanation 2016 Dec. 20 (To record the sale and realization of noncash assets) (To allocate the loss or gain on realization to partners) (to record write-off of the capital deficiency by Stephanie Ram) MacBook Pro TOR PRINTER VERSION BACK NEXT (To record payment of partnership liability) (To record distribution of sh to partners Before moving onto the next section, please do the following for mereen help, click on the hyperlink below: 1. Scroll to the end of the page and click on the "Save for Later button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section Complete these steps each time you have finished a section. Do not click on the S mit Answer button until you have completed all of the sections Click if you would like to Show Work for this questioni Show Work SAVE FOR LATER SUBMIT ANSWER Question Attemptsi 0 of 3 used MacBook Pro
