Appalachian Company at December 31 has cash $40,000, Accounts Receivable $50,000, Allowance for Doubtful Accounts $10,000, Inventory $60,000, Equipment $175,000, Accum Depreciation- Equip $75,000, Accounts Payable $110,000, and the following capital balances: Hoffman $90,000 and Mena $40,000. The firm is liquidated, and $220,000 in cash is received for the noncash assets. Hoffman and Mena income ratios are 60% and 40%, respectively.
2	Journalize the liquidation of the assets.
3	Journalize the distribution of the gain/loss on liquidation.
4	Journalize the paying of liabilities.
5	Journalize the distribution to each owner.
The Felton and Burchell Partnership has partner capital account balances as follows:
	Felton, Capital	$550,000
	Burchell, Capital	200,000
The partners share income and losses in the ratio of 60% to Felton and 40% to Burchell.
Prepare the journal entry on the books of the partnership to record the admission of Santos as a new partner under the following circumstance.
6	Santos pays $400,000 to Felton and $150,000 to Burchell for one-half of each of their ownership interest in a personal transaction.