Installment Liquidation Hann, Murphey, and Ryan are partners who share profits respectively. Murphey decides that it would be more pro for him to operate as a sole proprietor. Hann and Ryan ar agreement that life would be more rewarding if Murphey to enter into direct competition with them. Hann and Rya repeated attempts to acquire Murphey's interest in the partnership. Unable to reach an agreement, the partners agree that their association should be dissolved. A conde balance sheet before realization of assets shows the follo balances: Cash 10,000 Liabilities 110,000 Other Assets 218.000 Hann Capital 50,000 Murphey, Capital 42,000 Ryan, Capital 26,000 Total 228,000 Total 228,000 Asset realization is accomplished in four stages as folloy March 15, 2019: During liquidation sale, noncash assets book value of $90,000 were sold for $80,000. March 16, 2019: Sold accounts receivable with a booky $30,000 to a factory for $26,000. March 16, 2019: Paid all recorded partnership creditors. March 18, 2019: Distributed all but $1,000 of available partners. March 19, 2019: Murphey withdrew from inventory furt with a book value of $10,000 and a market value of $13, satisfy part of his capital interest. March 21, 2019: Sold remainder of inventory with a boo of $50,000 to a discount furniture store for $30,000 cash March 25, 2019: Assigned for $12,000 cash the remainir of the lease on the warehouse. The lease was accounted 1 operating lease. March 25, 2019: Distributed all available cash to partner April 1, 2019: Hann agreed to accept two vehicles with a value of $10,000 and a market value of $8,000 in partial settlement of his capital interest. April 5, 2019: All remaining assets were sold for $4,000 April 6, 2019: Received additional cash from partners w Installment Liquidation Hann, Murphey, and Ryan are partners who share profits respectively. Murphey decides that it would be more pro for him to operate as a sole proprietor. Hann and Ryan ar agreement that life would be more rewarding if Murphey to enter into direct competition with them. Hann and Rya repeated attempts to acquire Murphey's interest in the partnership. Unable to reach an agreement, the partners agree that their association should be dissolved. A conde balance sheet before realization of assets shows the follo balances: Cash 10,000 Liabilities 110,000 Other Assets 218.000 Hann Capital 50,000 Murphey, Capital 42,000 Ryan, Capital 26,000 Total 228,000 Total 228,000 Asset realization is accomplished in four stages as folloy March 15, 2019: During liquidation sale, noncash assets book value of $90,000 were sold for $80,000. March 16, 2019: Sold accounts receivable with a booky $30,000 to a factory for $26,000. March 16, 2019: Paid all recorded partnership creditors. March 18, 2019: Distributed all but $1,000 of available partners. March 19, 2019: Murphey withdrew from inventory furt with a book value of $10,000 and a market value of $13, satisfy part of his capital interest. March 21, 2019: Sold remainder of inventory with a boo of $50,000 to a discount furniture store for $30,000 cash March 25, 2019: Assigned for $12,000 cash the remainir of the lease on the warehouse. The lease was accounted 1 operating lease. March 25, 2019: Distributed all available cash to partner April 1, 2019: Hann agreed to accept two vehicles with a value of $10,000 and a market value of $8,000 in partial settlement of his capital interest. April 5, 2019: All remaining assets were sold for $4,000 April 6, 2019: Received additional cash from partners w
