Partners in Sandhill Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnerships accounts were as follows:

Item		Cash		Accounts Receivable		Equipment		Accumulated Depreciation		Accounts Payable		A. Hunt, Capital		K. Lally, Capital		D. Portman, Capital
Balances before liquidation		$ 37,800		$ 32,500		$ 56,400		$ 19,500		$ 35,000		$ 48,800		$ 21,800		$ 1,600

The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively.

Complete the schedule assuming the assets were sold for $ 34,800, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to 0 decimal places, e.g. 5,275.)

Item

Cash

Accounts Receivable

Equipment

Accumulated Depreciation

Accounts Payable

A. Hunt, Capital

K. Lally, Capital

D. Portman, Capital

Balances before liquidation

$

$

$

$

$

$

$

$

Sales of noncash assets and loss on sale of assets

Payment of liabilities

Transfer of deficiency

Allocation of cash

eTextbook and Media

Prepare the journal entries assuming the assets were sold for $ 34,800, liabilities are paid, and any deficiencies will be absorbed by the other partners. Include the journal entries to record the distribution of cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
June 30	EquipmentAccumulated DepreciationEquipmentD. Portman, CapitalA. Hunt CapitalCashAccounts PayableAccounts ReceivableK. Lally, CapitalLoss on Realization
	Accumulated DepreciationEquipmentAccounts ReceivableK. Lally, CapitalLoss on RealizationCashEquipmentA. Hunt CapitalD. Portman, CapitalAccounts Payable
	EquipmentCashAccumulated DepreciationEquipmentAccounts ReceivableAccounts PayableLoss on RealizationA. Hunt CapitalD. Portman, CapitalK. Lally, Capital
	Accounts PayableAccounts ReceivableD. Portman, CapitalAccumulated DepreciationEquipmentLoss on RealizationEquipmentA. Hunt CapitalCashK. Lally, Capital
	CashAccumulated DepreciationEquipmentAccounts ReceivableLoss on RealizationAccounts PayableA. Hunt CapitalD. Portman, CapitalK. Lally, CapitalEquipment
	(To record realization of assets.)
30	CashAccounts ReceivableD. Portman, CapitalEquipmentK. Lally, CapitalLoss on RealizationA. Hunt CapitalAccumulated DepreciationEquipmentAccounts Payable
	Loss on RealizationAccounts ReceivableA. Hunt CapitalD. Portman, CapitalCashEquipmentK. Lally, CapitalAccumulated DepreciationEquipmentAccounts Payable
	Loss on RealizationAccounts PayableAccumulated DepreciationEquipmentEquipmentD. Portman, CapitalCashK. Lally, CapitalAccounts ReceivableA. Hunt Capital
	CashAccumulated DepreciationEquipmentA. Hunt CapitalEquipmentD. Portman, CapitalAccounts PayableK. Lally, CapitalLoss on RealizationAccounts Receivable
	(To allocate loss on realization.)
30	Accounts PayableD. Portman, CapitalK. Lally, CapitalAccounts ReceivableAccumulated DepreciationEquipmentA. Hunt CapitalCashEquipmentLoss on Realization
	Accounts PayableD. Portman, CapitalCashAccounts ReceivableA. Hunt CapitalK. Lally, CapitalAccumulated DepreciationEquipmentEquipmentLoss on Realization
	(Payment on account.)
30	D. Portman, CapitalCashAccounts PayableAccumulated DepreciationEquipmentLoss on RealizationA. Hunt CapitalAccounts ReceivableEquipmentK. Lally, Capital
	CashA. Hunt CapitalAccumulated DepreciationEquipmentEquipmentK. Lally, CapitalLoss on RealizationAccounts PayableAccounts ReceivableD. Portman, Capital
	Loss on RealizationAccounts ReceivableK. Lally, CapitalD. Portman, CapitalCashAccumulated DepreciationEquipmentAccounts PayableEquipmentA. Hunt Capital
	(To reallocate capital balances.)
30	A. Hunt CapitalK. Lally, CapitalLoss on RealizationAccounts ReceivableAccounts PayableCashAccumulated DepreciationEquipmentD. Portman, CapitalEquipment
	EquipmentLoss on RealizationCashA. Hunt CapitalK. Lally, CapitalAccounts PayableD. Portman, CapitalAccounts ReceivableAccumulated DepreciationEquipment
	CashD. Portman, CapitalK. Lally, CapitalAccumulated DepreciationEquipmentAccounts PayableAccounts ReceivableEquipmentA. Hunt CapitalLoss on Realization
	(To record final distribution to partners.)