PARTNERSHIP DISSOLUTION AND LIQUIDATION Jacob, Kalen, and Louie decide to dissolve their partnership on May 2021 and to liquidate their partnership as soon as possible after May 1. A condensed barance sucer with profit sharing percentages is as follows: Condensed Balance Sheet as of May 1, 2021 Assets Equities Cash S 50,000 Accounts payable $120,000 Inventory (per books) 100,000 Jas capital 20% 40,000 Other assets (per books) 130,000 Kal capital 40% 80,000 Goodwill 20,000 Lou capital 40% 60,000 $300.000 $300.000 Additional information 1. The inventory was sold for $70,000. 2. Other assets sold for $160,000. 3. Write off GoodOwill. 4. Paid account payable. 5. Liquidation all partnership PARTNERSHIP DISSOLUTION AND LIQUIDATION Jacob, Kalen, and Louie decide to dissolve their partnership on May 2021 and to liquidate their partnership as soon as possible after May 1. A condensed barance sucer with profit sharing percentages is as follows: Condensed Balance Sheet as of May 1, 2021 Assets Equities Cash S 50,000 Accounts payable $120,000 Inventory (per books) 100,000 Jas capital 20% 40,000 Other assets (per books) 130,000 Kal capital 40% 80,000 Goodwill 20,000 Lou capital 40% 60,000 $300.000 $300.000 Additional information 1. The inventory was sold for $70,000. 2. Other assets sold for $160,000. 3. Write off GoodOwill. 4. Paid account payable. 5. Liquidation all partnership