Name Date Class Chapter Test cont. Problem 3 (21 points) Joyce Chan and Kim Lee have decided to liquidate their partnership. The abbreviated balance sheet for their business appears below. Joyce and Kim share income and losses equally. Lee-Chan Home Center Balance Sheet June 30, 20- Assets Liabilities 10,000.00 Accounts Payable Other Assets 60,000.00 Partners' Equity Joyce Chan, Capital Kim Lee, Capital Total Assets 70,000.00 Total Liabilities and Partners' Equity Cash 7,000.00 27,000.00 36,000.00 70,000.00 Directions: Prepare the journal entries needed to record (1) the sale of the assets for $74,000 and the distribution of any gain or loss; (2) the payment of partnership liabilities; and (3) the distribu- tion of cash to the partners. Use July 1 as the date for all of the journal entries. GENERAL JOURNAL PAGE 45 DATE DESCRIPTION DEBIT CREDIT by The Merwer Corp De