College Accounting, Chapter 1-15 (Looseleaf) - With Access
College Accounting, Chapter 1-15 (Looseleaf) - With Access
23rd Edition
ISBN: 9780357252260
Author: HEINTZ
Publisher: CENGAGE L
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Chapter 19, Problem 5SEA

ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of the partnership of J. Hui and K. Cline, as of November 1, 20--, inventory with a book value of $180,000 is sold for $230,000. Given that Hui and Cline share profits and losses equally, prepare the entries for the sale and the allocation of gain.

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