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2.Brit, Franc, and Scot who share income and loss in a 2:2:1 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears as follows.

Prepare journal entries for

(a) the sale of land and equipment sold as a package for $500,000,

(b) the allocation of the gain or loss,

(c) the payment of the liabilities

(d) the distribution of cash to the individual partners.

Brit, Franc, and Scot who share income and loss in a 22:1 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears as follows. Prepare journal entries for (a) the sale of land and equipment sold as a package for $500,000, (b) the allocation of the gain or loss, (c) the payment of the liabilities, and (d) the distribution of cash to the individual partners. Brit, Frame, and Sea! Balance Sheet January 31 Assets Liabilities and Equity Cash $150,000 Amounts Payable $221,500 Equipment 200,000 Brit, Capital 210,000 Land 400,000 Franc, Capital 173,000 Soot, Capital 140,500 Total assets $750,000 Total liabilities and equity $750,000