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Question 1 16 points Save Ang At December 31, Zainil Corporation has cash $40,000, noncash assets $200,000, liabilities $110,000, and the following capital balances: Luis

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Question 1 16 points Save Ang At December 31, Zainil Corporation has cash $40,000, noncash assets $200,000, liabilities $110,000, and the following capital balances: Luis $90,000 and Alexander $40,000. Th firm is liquidated, and $220,000 in cash is received for the noncash assets. Luis and Alexander income ratios are 60% and 40%, respectively. REQUIRED: Prepare all journal entries relating to the liquidation

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