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Partners Ken and Macki each have a $40,000 capital balance and share income and losses...

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Accounting

Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio of 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $50,000.

A) Prepare the liquidation statement( if there is a cash deficiency assume that the partner is unable to pay)

B) Journalize the liquidation

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