D. Assume that the noncash assets are sold for $130,000 and that the partner with a debit balance
pays the entire deficiency. Complete the following schedule showing the sale of assets, payment of liabilities,
and distribution of the remaining cash to the partners.
									Capital
						Cash +	Noncash Assets =	Liabilities +	Triste 30% +		Sandpipe 50% +		Hinkle 20%
Balances before realization						$100,000	$300,000	$120,000	$90,000		$60,000		$130,000
Sale of non cash assets and division of loss
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Receipt of deficiency
Balances
Distribution of cash to partners
Final balances
Prepare the journal entries to record the liquidation of the partnership based on the facts in D. Use the current date.
JOURNAL											PAGE
	DATE		DESCRIPTION					POST. REF.	DEBIT		CREDIT
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