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Complete the journal entries necessary to record the partnership liquidation. It is now 12/31/2025 and you have decided to liquidate your partnership. After closing the

Complete the journal entries necessary to record the partnership liquidation.

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It is now 12/31/2025 and you have decided to liquidate your partnership. After closing the books for 2025 your partnership has the following account balances: Account Title Debit Credit Cash 4000 Inventory 40000 Other Assets 150,000 Liabilities 44,000 Partner One Capital (You) 75,000 Partner Two Capital (Your Friend) 75,000 The noncash assets are sold for $211,000 Complete the journal entries necessary to record the partnership

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