QUESTION Jordan, Curry, and Michael who share income and loss in a 2:1:2 ratio. The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows Balance Sheet Assets Cash Liabilities 348,600 Accounts payable 342,600 Inventory 617,200 Equity Jordan, Capital 300,400 Curry, Capital 195,800 Michael, Capital 127,000 Total assets 965,800 Total liabilities and equity 965.800 Prepare journal entries for e. The sales of inventory f. The allocation of its gain or loss g. The payment of liabilities at book value h. The distribution of cash when inventory is sold for $150,000 and partners with deficits do not pay their deficit