Lasure, Ramirez. and Toney, who share income and loss in a 2: I :2 ratio, plan to liquidate their partner-1 ship. At liquidation. their balance sheet appears as follows.
LASURE, RAMIREZ, AND TONEY Balance Sheet January 18
Liabilities and Equity Accounts payable ….. $342.600 617,200 Lasure, Capital 300,400 Ramirez, Capital 195,800 Toney. Capital 127,000 Total assets $965.800 Total liabilities and equity $965,800
Required Prepare journal entries for (a) the sale of equipment. (h) the allocation of its gain or loss. (c) the pay-ment of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Equipment is sold for (I) S650.(XX): (2) S530.000: (3) $200.000 and any partners with capital deficits pay in the amount of their deficits: and (4) S150.(X)) and the partners have no assets other than those invested in the partnership. (Round amounts to the nearest dollar.)