Please show any calculations that is neccessary. 1. The partnership of Miller, Tyson, and...
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Accounting
Please show any calculations that is neccessary.
1. The partnership of Miller, Tyson, and Spencer has decided to terminate operations and liquidate all business property. During this process, the partners expect to incur $8,000 in liquidation expenses. The balance sheet reported by this partnership at the time the liquidation commenced follows. Miller is personally insolvent and is unable to make a cash contribution. The percentages indicate the allocation of profits and losses to each of the three partners. Required: Part a. Prepare journal entries for the following transactions that occurred in chronological order: (8 points) 1) Sold noncash assets for $180,000. 2) Distributed safe cash payments to the partners. 3) Paid $120,000 of the partnership's liabilities. 4) Paid $7,000 in liquidation expenses; no further expenses will be incurred. 5) Distributed remaining cash held by the business to the partners. 2) To determine the safe payments to be made at this point in the liquidation, the accountants 1 prepare the following proposed schedule of liquidation: Remaining journal entries: 2 Part b. Prepare a final statement of partnership liquidation. (4 points)
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