Prepare journal entries for (a) the sale of inventory, (b) the allocation or its gaying of liabilities
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Question:
Prepare journal entries for
(a)
the sale of inventory,
(b)
the allocation or its gaying of liabilities at book value, and
(d)
the distribution of cash in each of the following separate cases: Inventory is sold for (1)
$600,000
; (2)
$500,000
; (3)
$320,000
and partners with deficits pay their deficits in cash; and (4)
$250,000
and partners with deficits do not pay their deficits. (Round to the nearest dollar.)
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