Reagan Dodds, Samuel Vickerman,

and Vlad Walker

are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Dodds $47,000; Vickerman, $28,000 and Walker, $18,000.

The profit-and-loss-sharing ratio has been 33:11:11

for Dodds, Vickerman, and Walker,

respectively. The partnership has $76,000 cash, $47,000 non-cash assets, and $30,000 accounts payable.

Requirement 1. Assuming the partnership sells the non-cash assets for $58,000,

Requirements

1.	Assuming the partnership sells the non-cash assets for$58,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners.
2.	Assuming the partnership sells the non-cash assets for$24,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners.

record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Journalize the sale of the non-cash assets for $58,000.