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Partnership Liquidation Question 26 (9 points) Listen Agrabah Company on December 31 has cash of $25,000, Accounts Receivable 150,000, Equipment 95,000, Accumulated depreciation 50,000,
Partnership Liquidation Question 26 (9 points) Listen Agrabah Company on December 31 has cash of $25,000, Accounts Receivable 150,000, Equipment 95,000, Accumulated depreciation 50,000, Liabilities of 65,000 and the following capital balances: Jafar $55,000, Sultan $85,000 and Jasmine $15,000. The firm is liquidated, and $175,500 is received for the noncash assets. Jafar and Jasmine share income 2:2:1, respectively. Prepare a schedule of cash payments.
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