Just prepare the final distribution of cash entry. Not all
2021
Jan. 1
David Wallace, Capital...................................................
29,500
Olena Dunn, Capital........................................................
15,250
Danny Lin, Capital...........................................................
13,250
Cash.............................................................................
58,000
To distribute remaining cash to partners.
Completed Table:
Cash
Equipment
Accum. Deprec., Equipment
Accounts Payable
Notes Payable
David Wallace, Capital
Olena Dunn, Capital
Danny Lin, Capital
Account balances
December 31, 2020..................
$ 21,400
$ 164,000
$ 93,000
$ 7,400
$ 16,000
$35,000
$18,000
$16,000
Sale of equipment for a loss of $11,000.................................
+60,000
164,000
93,000
5,500
2,750
Balance.....................................
$ 81,400
$ 0
$29,500
$15,250
$13,250
Payment of liabilities...............
23,400
7,400
16,000
$58,000
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