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QUESTION H2 (20 points) Mo, Larry, and Curley are partners that share profits and ratios by a 4:3:3 ratio. They have decided to liquidate the
QUESTION H2 (20 points) Mo, Larry, and Curley are partners that share profits and ratios by a 4:3:3 ratio. They have decided to liquidate the partnership. Mo has a capital balance of $40,000, Larry has a capital balance of $30,000, and Curley has a capital balance of $10,000. Accounts payable are $14,000. Assets are cash of $37,000 and non-cash assets of $57,000. The non-cash assets were sold for $97,000. Prepare entries to record the sale of the non-cash assets: Debit Credit Pay the liabilities: Debit Credit Distribute the remaining cash to the partners
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