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please help with all parts. Check my work David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the
please help with all parts. Check my work David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020 Accum. David Olena Danny Deprec. Accounts Notes Wallace, Dunn, Lin, Equipment Equipment Payable Payable Capital Capital Capital $209,000 $108,000 $8.906 $30,000 $50,000 $33,000 $31,690 Cash 352,900 Account balances December 31, 2020 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $75,000 son January 1, 2021. The partners share any profit (loss) in the ratio of 2.1 for Wallace, Dunn, and Lin, respectively Required: 1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Cash Accum. David Equipment Notes Accounts Deprec Wallace, Equipment Payable Payable Capital $ 52.000 5 209,000 $ 100.000 $ 8.900 $ 31,000 S 50,000 $ Olena Dunn, Capital 33.000 $ Danny Lin, Capital 31.000 Account balances December 31.2020 Sain of equipment BIU Payment of liabilities Balance $ 52,900 5200,000 108,000 $ 8.900 5 31,000 5 50,000 $ 33,000 $ 31.000 $ 52,900 $ 209.000 $ 105,000 $ 8.000 5 31,000 $ 50,000 $ 33.000 $ 31.000 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). View transaction list Journal entry worksheet 1 2 3 4 Record the sale of equipment. Note: Enter debits before credits General Journal Debit Credit Date Jan 01, 2021 Record entry Clear entry View general Journal
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