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Question 6 (11 points) Lewis and Clark operate a partnership. They share profit and losses in a ratio of 4:6 respectively. On December 31,
Question 6 (11 points) Lewis and Clark operate a partnership. They share profit and losses in a ratio of 4:6 respectively. On December 31, the records show the following account balances: Accumulated Accounts Lewis, Clark, Cash Equipment depreciation, payable capital capital $40,000 $85,000 Required: Equipment $45,000 $40,000 $30,000 $10,000 Prepare the journal entries to record the liquidation of the partnership assuming the equipment is sold for $15,000 on December 31. Any deficiencies are paid by the partners with the deficiencies. Paragraph B I GENERAL JOURNAL DATE ACCOUNT TITLES DEBIT CREDIT
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