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LO$6$ Liquidation of a partnership

E$12-16$ Prior to liquidation, the accounting records of Garcla, Woods, and Mickelsion included the

following balances and profit$-$and$-$loss$-$sharing percentages:

The partnership sold the noncash assets for $$78,500,$ paid the liabilities, and disbursed the remaining cash

to the partners. Complete the summary of transactions in the liquidation of the partnership. Use the format

illustrated in Exhibit $12-4.$

Exhibit $12-4$

Partnership Liquidation$-$Sale of Assets at a Gain

After the disbursement of cash to the partners, the business has no assets, liabilities, or

equity. All final balances are zero.