The partnership of Malkin Neale Staal has experienced

operating #8303
The partnership of Malkin Neale Staal has experienced operating

The partnership of Malkin, Neale, & Staal has experienced operating losses for three
consecutive years. The partners, who have shared profits and losses in the ratio of Lisa Malkin,
20 percent, John Neale, 40 percent, and Brian Staal, 40 percent, are considering liquidating the
business. They ask you to analyze the effects of liquidation under various assumptions about
the sale of the noncash assets. They present the following partnership balance sheet amounts
at December 31, 2017:

Required

1. Prepare a summary of liquidation transactions (as illustrated in the chapter) for each of the
following situations:

a. The noncash assets are sold for $420,000.

b. The noncash assets are sold for $338,000.

2. Make the journal entries to record the liquidation transactions in Requirement 1(b).

The partnership of Malkin Neale Staal has experienced operating

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