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please fill out the table and requirements. Requirements 1. Assuming the partnership sells the non-cash assets for $60,000, record the journal entries for the sale
please fill out the table and requirements.
Requirements 1. Assuming the partnership sells the non-cash assets for $60,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. 2. Assuming the partnership sells the non-cash assets for $19,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. Read the equirements. outstanding liabilities, and the distribution of remaining cash to partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $60,000. Journalize the allocation of the gain or loss to the partners' capital accountsStep by Step Solution
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