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YOU Lul, Mortavo, and Johnson plan to Iquidate their Premium Pool and Spa business. They have always shared profit and lossed in a t45 ratio,

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YOU Lul, Mortavo, and Johnson plan to Iquidate their Premium Pool and Spa business. They have always shared profit and lossed in a t45 ratio, and on the day of the liquidation the balance sheet appeared as follows Pro Balance Sheet June 30, 2020 Asets cash $12.2017 Machinery 560,75 Les Accumulated depreciation 14.418.759 Total assets $530,000 Lilities Accounts payable $119,200 ulty lui 2.0 Kent Monte Capital 201.00 Dave Somon, capital 11. Tulity 301 total at Required: 1. Under the assumption that the machinery is sold and the cash distributed to the properties on 30, 2020, complete the schedule provided below. Show the sale, the gain or lose allocation, and the distribution of the cheach of the following used Cases a. The machinery is sold for $502.000. Negative answers should be indicated by a con w pool and Spa June 10, 2020 Acum Machinery Op Machinery Abo Taya kat Mintavo Jul capital Cast Dave Joan Capital A B June 30.2020 Sale Machinery for $500.000 Balance Payment of Doon of cash to P TH re 130 M E+ o pe here to search b. The machinery is sold for $389,000. (Negative answers should be indicated by a mission Premium Pool and to June 30, 2020 Accum Machinery Deprec Machinery Cash Rounts Payable Jim LUL Capital Kant Montave Capital De Joon Capital Account balances June 30, 2020 Sale of Machinery for $300,000 Balance Payment of liabilities Balance Distribution of cash to partners Balance c. The machinery is sold for $206.000, and any partners with resulting deficits can and do pay in the amount of their deficits, (Negative answers should be indicated by a minus sign.) Premium Pool and Spa June 30, 2020 Acom Machinery Depre Machinery Accounts Payable Kent Montavo Capital Jim Lul Capital Cash Dave Johnson Capital Account balances June 30, 2020 Sale of Machinery for $200.000 Balance Payment of liabilities Balance Johnson pays deficiency Balance Distribution of cash to partners Balance d. The machinery is sold for $201.000, and the partners have no assets other than those invested in the business. (Negative answers should be indicated by a minus sign) Premium Pool and Spa June 30, 2020 Acum Machinery Deprec Machinery Cash Accounts Payable Jim u Capital Montaro, Capital Johnson Capital Account balances June 30, 2020 Sale of Machinery for $201.000 Balance Payment of liabilities Balance Allocation of deficiency Balance Distribution of cash to partners Balance 2. Prepare the entry to record the final distribution of cash assuming the machinery is sold for $502000 View transaction Journal entry worksheet Record the final distribution of cash to the partners

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