Instructor for grading. Mike and Smith are partners in Oil Partnership and share any profit and losses on a 50/50 basis. They have decided to liquidate their partnership. On November 15, the partnership shows the following account balances just prior to liquidation: Account balance Cash $58,000 Vehicle $12,000 Accum. Dep. $3,000 Mike Capital Smith Capital $42,000 $25,000 Additional information: The vehicle was sold for $10,000 cash. Required: a) Record all of the required journal entries for the liquidation of the partnership. (hint there are three journal entries required). Essay Toolbar navigation BIUS 7