Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an...
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Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of all income and losses. The current period's ending capital account balances are Peters, $174,000; Chong, $162,000; and Aaron, $(66,000). After all assets are sold and liabilities are paid, there is $270,000 in cash to be distributed. Aaron is unable to pay the deficiency. The journal entry to record the distribution should be:
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