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3. Partnership liquidation On July 15th of the current year, the account balances in Landscape...

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3. Partnership liquidation On July 15th of the current year, the account balances in Landscape Partnership were Cash $8,000 Other assets $17,000 D. Singh. Capital $12,000 V. Patel, Capital $10,000 B. Witch, Capital $3,000 The three partners share profit and losses equally. The other assets are sold for $20,000 cash. Prepare journal entries to a) record the sale of the other assets b) distribute any resulting gain or loss to the capital accounts c) record the final distribution of cash to the partners. Work

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