Prepare journal entries for (a) the sale of inventory, (b) the allocation of its gain...
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Accounting
Prepare journal entries for the sale of inventory, the allocation of its gain or loss, the payment of liabilities at book value, and the distribution of cash in each of the following separate cases: Inventory is sold for $; $; $ and partners with deficits pay their deficits in cash; and $ and partners with deficits do not pay their deficits. Round to the nearest dollar.
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