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Problem C - VI _ Partnership Liquidation ( 20 points ) The balance sheet of the Tri Brothers Partnership just prior to liquidation appears below...
How would I do the five entries(im guessing journal entries) to record the liquidation of the Tri Brothers Partnership.
Problem C - VI _ Partnership Liquidation ( 20 points )The balance sheet of the Tri Brothers Partnership just prior to liquidation appears below :"Tri Brothers PartnershipBalance SheetDecember 31 , 2014AssetsLiabilities and Owners' EquityCash$ 140, 000Liabilities$240, 000Noncash assets380, 000Grayson , Capital40, 000Lawson , Capital160 , 000Myers , Capital80, 000$520, 000$520, 000Other information :"1 . The partners Grayson , Lawson , and Myers share profits and losses in the ratio of 6:3:1 .2 .The noncash assets are sold for $280 , 000 .The liabilities are paid in full ."4 .The remaining assets are distributed to the partners . Assume that if any partner has a capitaldeficiency , he will not be able to pay the amount owed to the partnership .Instructions : Prepare the five entries to record the liquidation of the Tri Brothers Partnership .