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Problem #3. Lynn weatherby, Lon Peterson, and Lori Manson decide to liquidate their partnership. The articles of partnership specify a profit-sharing ratio of 2:3.5, respectively.
Problem #3. Lynn weatherby, Lon Peterson, and Lori Manson decide to liquidate their partnership. The articles of partnership specify a profit-sharing ratio of 2:3.5, respectively. Immediately before Cash Noncash Assets Accounts Payable Lynn Weatherby, Capital Lon Peterson, Capital Lori Manson, Capital All noncash assets are sold for $360,000. Prepare entries in general journal form to record the liquidation, the partnership accounts have the following balances: $120,000 380,000 70,000 200,000 110,000 120,000 liquidation of the partnership. (15pts)
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