January 1 - The partners decide to liquidate the partnership. They have the following balances:

January 1 - The partners decide to liquidate the partnership. They have the following balances:

Cash $29,917

Accounts Receivable $4 500

Equipment $ 110 000

Accumulated Depreciation $ 25 000

Accounts Payable $ 4 417

The partners were able to collect $3 500 of the accounts receivable and sell the equipment for $72 000.

a) Record all journal entries to dissolve the partnership.