2 Atlas, Betelgeuse and Castor, who share income and loss in a 3:52 ratio, plan...
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2 Atlas, Betelgeuse and Castor, who share income and loss in a 3:52 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears as follows. Atlas, Betelgeuse & Castor Balance Sheet March 13, 2020 ASSETS Cash Equipment 75,000 90,000 LIABILITIES & EQUITY Accounts Payable Atlas, Capital Betelgeuse, Capital Castor, Capital 15,000 45,000 70,000 35,000 Total Assets 165,000 Total Liabilities & Equity 165,000 Required (30 POINTS) Prepare all the journal entries required for the liquidation of the partnership Assume that the equipment sold for $70,000. PROBLEM 2 SOLUTION Atlas, Betelgeuse & Castor Liquidation ENTRY DR CR
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