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Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership On the day of liquidation
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership On the day of liquidation their balance sheet appears as follows. Required: For each of the following scenarios complete the schedule allocating the gain or loss on the sale of inventory. prepare journal entries to record the below transactions. Inventory is sold for $600.000
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