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The Ace, Becker, and Cap partnership was in the process of liquidating its assets and going out of business. Ace, Becker, and Cap had capital

The Ace, Becker, and Cap partnership was in the process of liquidating its assets and going out of business. Ace, Becker, and Cap had capital account balances of $80,000, $120,000, and $200,000, respectively, and shared profits and losses in the ratio of 1:3:2. Equipment that had cost $90,000 and had a book value of $60,000 was sold for $24,000 cash. Required: Prepare the appropriate journal entry to record the sale of the equipment, distributing any gain or loss directly to the partners.

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