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Happy, Sleepy, Bashful, Grumpy, and Doc have decided to terminate their partnership because Dopey ran off with Snow White. Obviously, they were devastated. The Pre-

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Happy, Sleepy, Bashful, Grumpy, and Doc have decided to terminate their partnership because Dopey ran off with Snow White. Obviously, they were devastated. The "Pre- Liquidation Balances at that point in time follows: Cash $ 35,000 Noncash Assets 217,000 Accounts Payable $32,000 Happy, Capital 40,000 Sleepy, Capital 10,000 Bashful, Capital 20,000 Grumpy, Capital 70,000 Doc, Capital: 80.000 Total Liab. & Equity $252.000 Total Assets $252,000 Required Show both the "Liquidation Table and the necessary journal entries for each of the following independent cases. In each case a), b), and c), the "Non-Cash Assets are sold for a different price, and the profit/loss ratios of the partners are different. In all three cases, all partners are personally solvent, except for Sleepy, who is personally insolvent. Here are the three cases with their differences: a) In case a), the "Non-Cash Assets are sold for $130,000. The partners share in the following ratios, starting with Happy and ending with Doc. 2:3:45:6 b) In case b), the "Non-Cash Assets" are sold for $110,000. The partners share in the following ratios, starting with Happy and ending with Doc. 3:14:57 c) In case c), the "Non-Cash Assets are sold for $90,000. The partners share in the following ratios, starting with Happy and ending with Doc. 7.1.4.3.5

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