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Hi, i need help solving this. if you could explain calculations that would be much appreciated. CP 12-5 The following balance sheet is for the

Hi, i need help solving this. if you could explain calculations that would be much appreciated.
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CP 12-5 The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2019. Assets Cash Other assets $ 50,000 Liabilities $ 20,000 Accounts payable 180,000 Partners' Capital Able, capital $37,000 Brown, capital 65,000 Crown, capital 48,000 $200,000 150,000 $200,000 CHAPTER TWELVE / Proprietorships and Partnerships First US Edition The profit and loss sharing ratio is Able 40%; Brown: 40%, and Crown: 20%. The partnership is dissolved and liquidated during November by selling the other assets for $100,000 and paying off the creditors. Required: 1. Prepare a schedule of partnership liquidation for the month ending November 30, 2019. Assume any capital deficiency is absorbed by the other partners. 2. Prepare the journal entries to record the dissolution

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