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The Frank and Lloyd capital account balances at 12/31/21 are as follows: - Frank, Capital $54,000 - Lloyd, Capital $75,000 With Partner Frank's permission, Lloyd

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The Frank and Lloyd capital account balances at 12/31/21 are as follows: - Frank, Capital $54,000 - Lloyd, Capital $75,000 With Partner Frank's permission, Lloyd sells his partnership interest to Wright for $150,000 Required : 1) Record the Journal Entry for the sale. 2) How and where is the gain / loss reported

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