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A partnership has the following balance sheet at December 31, 2018. ...

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Accounting

A partnership has the following balance sheet at December 31, 2018.

Cash

$9,000

Accounts Payable

$50,000

Land

120,000

Blair, Capital

45,000

Total Assets

$129,000

Smith, Capital

34,000

Total Liabilities and Partners' Equity

$129,000

The partnership liquidates and sells its land for $100,000. All liabilities are liquidated at book value.

Required:

Prepare the journal entries to liquidate the partnership on December 31, 2018.

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