John Jake and Joe are patners with capital amounts of $90,000, $78,000 and $64,000 respectively.

| September 28, 2018

E 16-2Simple LiuidationJohn Jake and Joe are patners with capital amounts of $90,000, $78,000 and $64,000 respectively.They share profits and losses in the ratio of 30.40.30. When the partners decide to liquidate, the businesshas $70,000 in cash, noncash assets totaling $260,000 and $98,000 in liabilities. The noncash assetsare sold for $270,000, and the creditors are paid.Required:A) Prepare a schedule of partnership liquidation.B) Prepare journal entries to record ach of the following transactions.1) The sale of the noncash assets.2) The payment to the creditors.3) The distributiion of Cash to the partners.

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