PARNERSHIP PROBLEMS (CHAPTER 17 ADVANCE ACCOUNTING BOOK) PROBLEM II HOLMES AND KAISER PARTNERSHIP STATEMENT OF PARTNERSHIP LIQUIDATION FOR THE PERIOD JANUARY 1, 2009, TO JANUARY 31, 2009 (IN THOUSANDS) Noncash Priority Holmes Holmes Kaiser Assets Liabilities Capital (70%) Capital (30% Balances January 1, 2009 Sale of inventory Sale of plant assets 9988 Collection of receivables lees sls&szla TE SL sl sl PPPP91 Payment of liabilities Payment of Holmes loan s Final distribution to partners 1-Journal Entries to record the sale of inventory