The Kaley McAnally & Liz Korniyenko partnership has the following balances on June 30, 2016:

McAnally and Korniyenko share profits 3:1, respectively. McAnally and Korniyenko decide to liquidate the partnership. Journalize the sale of the non-cash assets for $11,500, the payment of the liabilities, and the payment to the partners.

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MCANALLY&KORNIYENKO Balance Sheet June 30, 2016 Liabilities$25,000 Assets s 25,000 Accounts Payable Cash Non-cash Assets 15,500 Partners' Equity 7,000 8,500 15,500 40,500 Total Liabilities and Partners' Equity$ 40,500 McAnally, Capital Korniyenko, Capital Total Partners' Equity Total Assets