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The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2016.
The profit and loss sharing ratio is Able 40%; Brown: 40%, and Crown: 20%. The partnership is dissolved and liquidated during November by selling the other assets for $100,000 and paying off the creditors.
Required:
- Prepare a schedule of partnership liquidation for the month ending November 30, 2016. Assume any capital deficiency is absorbed by the other partners.
- Prepare the journal entries to record the dissolution.
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