Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. Each of them contributed a number of items to the partnership, which are listed below. All tangible assets are listed at their market value.
2020
	Razul			Amy
	Cash	$37,400		Cash		$55,100
	Equipment	188,400		Furniture		62,400
	Bank Loan	74,000		Accounts Payable		38,500
On March 1, Razul and Amy added a new partner to the business, Sheila. Sheila will contribute $78,200 and receive a 26% share of the business. Use the capital balances from January 1 to determine any bonuses. Assume the existing partners will split any bonus evenly.
During the year, Razul and Amy withdrew $18,400 and $12,400 respectively and the business reported a net income of $384,000. Their partnership agreement provided for sharing of net income (loss) on the following basis:
1. Salary of $51,400 is allocated to Razul, $47,200 to Amy, and $27,400 to Sheila.
2. Interest is allocated at 4% of each partner's opening capital balance.
3. Remainder is shared where Razul gets 35%, Amy gets 32%, and Sheila gets 33%.

g) After divding the income for the year, all parties agreed to liquidate the partnership. The values of the assets and liabilities are shown below. The furniture is sold for $59,880 and all other assets are sold at their given values. Any gains or losses from liquidation are split evenly among all partners.
Cash		$416,200
Accounts Receivable		76,000
Net Equipment		244,920
Net Furniture		74,880
Accounts Payable		46,200
Bank Loan		103,600
Prepare the journal entries to sell the assets, distribute any gains or losses to the partners, pay the liabilities and distribute the cash to the partners.
Date	Account Title and Explanation					Debit	Credit