Part A Vida & Iqbal Co. is a partnership business established by Vida and Iqbal. They decided to dissolve their partnership on 31 December 2021 eventhough the business is doing good. All profits and losses are to be shared equally. The following summarises the Statement of Financial Position of the partnership as at 31 December 2021. Property (net) Equipment (net) Inventories Accounts receivable Cash Accounts payable Capital Accounts -Vida -Iqbal RM 170,000 100,500 RM 150,000 70,000 10,500 25,000 30,000 285,500 15,000 270,500 285,500 After several discussions, they agreed to dissolve the partnership on the following term: 1. The business property was to be disposed at RM140,000. 2. All inventories will be sold at cost. 3. It was agreed that Iqbal was going to take up business equipment at a value of RM50,000. 4. A RM1,000 discounts were granted to accounts receivable. All receivable settled the amount due. 5. The business paid its accounts payable in full. 6. The costs of dissolution would be RM5,500.