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After closing the accounts an July 1, prior to liquidating the partnership, the capital account bolances of Gold, Porter, and 5ims are $47,100, $67,200, and
After closing the accounts an July 1, prior to liquidating the partnership, the capital account bolances of Gold, Porter, and 5ims are $47,100, $67,200, and $29,700, respectively. Cash, noncash assets, and liabilities total $70,200,$124,200, and $50,400, respectively, Between July 1 and July 29 , the noncash assets are sold for $99,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a stotement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0
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