Dawes, Vickerman, and Waddel are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Dawes $; Vickerman, $; and Waddel, $ The profitandlosssharing ratio has been :: for Dawes, Vickerman, and Waddel, respectively The partnership has $ cash, $ noncash assets, and $ accounts payable.
Read the requirements.
Requirement Assuming the partnership sells the noncash assets for $ record the journal entries for the sale of noncash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. Record debits first, then credits. Select the explanation on the last line of the journal entry table.
Journalize the sale of the noncash assets for $
