X invests the following assets in a new partnership: $30,000 in cash, and equipment that cost $70,000 but has a book value of $34,000 and fair value of $30,000. Hampton, Capital will be credited for $64,000. Select one: O True False Debit side of journal entry for sale of equipment is equipment account Select one: True O False In partnership liquidation the first cash distribution should be made for Select one: a. loan to bank b. partner capital O c. Liquidation expenses O d. loan to partner