on March 31,2020, the partnerd of the blue tooth partnership agree to liquidate. the balance sheet appeared as follows on the date of liquidation

prepare all journal enteries required to end the partnership given the following assumptions

$50,000 Assets Cash Equipment Less: Accum. Deprec. Blue Tooth Partnership Balance Sheet March 31, 20x0 Liabilities $158,000 Accounts Payable $120,000 53,000 67,000 Partners' Equity Ed, Capital Zee, Capital Ned, Capital Total Liabilities & $225,000 Partners' Equity $100,000 80,000 (5,000) Total Assets $225,000 1. The equipment was sold for $55,000. 2. Ed, Zee, and Ned share income and losses 3:2:1. 3. Ned was able to pay his deficiency