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2007 *** Just use the information below in this transaction to do this*** January 1 The partners decide to liquidate the partnership. They have the following balances: Cash $12 000 Accounts Receivable $8 166 Equipment $ 110 000 Accumulated Depreciation $ 25 000 Accounts Payable $ 11 000 The partners were able to collect $3500 of the accounts receivable and sell the equipment for $52 000. Record the entries to sell off the assets, allocate the loss on sale to the partners, and to dissolve the partnership.

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