The partnership of Du Chong and Quing has experienced

operating #8312
The partnership of Du Chong and Quing has experienced operating

The partnership of Du, Chong, and Quing has experienced operating losses for three
consecutive years. The partners, who have shared profits and losses in the ratio of Jia Du, 10
percent, Denis Chong, 30 percent, and Alan Quing, 60 percent, are considering liquidating the
business. They ask you to analyze the effects of liquidation under various possibilities 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 $552,000.

b. The noncash assets are sold for $448,000.

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

The partnership of Du Chong and Quing has experienced operating

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