avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as f December 31, 2023: Account balances December 31, 2023 Cash $38,200 Accum. David Olena Dunn, Danny Lin, Deprec. Accounts Notes Wallace, Equipment Equipment Payable Payable Capital Capital Capital $188,000 $101,000 $8,200 $24,000 $43,000 $26,000 $24,000 ue to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $68,000 on anuary 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Account balances December 31, 2023 Sale of equipment Balance Payment of liabilities Balance equired: Complete the schedule. (Negative answers should be indicated by a minus sign.) Accum. Deprec. Accounts Notes Payable Payable Equipment $ 38,200 $ 188,000 $ 101,000 $ 8,200 $ 24,000 $ Cash Equipment David Wallace, Capital 43,000 $ Olena Dunn, Capital 26,000 $ Danny Lin, Capital 24,000

avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as f December 31, 2023: Account balances December 31, 2023 Cash $38,200 Accum. David Olena Dunn, Danny Lin, Deprec. Accounts Notes Wallace, Equipment Equipment Payable Payable Capital Capital Capital $188,000 $101,000 $8,200 $24,000 $43,000 $26,000 $24,000 ue to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $68,000 on anuary 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Account balances December 31, 2023 Sale of equipment Balance Payment of liabilities Balance equired: Complete the schedule. (Negative answers should be indicated by a minus sign.) Accum. Deprec. Accounts Notes Payable Payable Equipment $ 38,200 $ 188,000 $ 101,000 $ 8,200 $ 24,000 $ Cash Equipment David Wallace, Capital 43,000 $ Olena Dunn, Capital 26,000 $ Danny Lin, Capital 24,000

Name: Kk.193. 2. Prepare the liquidation entries (sale of equipment, allocat
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Kk.193. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).View transaction listJournal entry worksheet12Record the sale of equipment.DateJan 01, 20243 4Note: Enter debits