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Question 9 (11 points) Lewis and Clark operate a partnership. They share profit and losses in a ratio of 5:3 respectively. On December 31, the
Question 9 (11 points) Lewis and Clark operate a partnership. They share profit and losses in a ratio of 5:3 respectively. On December 31, the records show the following account balances: Lewis, Cash Accumulated Equipment depreciation, Equipment $75,000 $45.000 Accounts payable Clark capital capital $50.000 $34,000 $40,000 $6,000 Required: Prepare the journal entries to record the liquidation of the partnership assuming the equipment is sold for $10,000 on December 31. Any deficiencies are paid by the partners with the deficiencies
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