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josh john and hassan are partners in a retail lighting store they share income and l 4238051

Josh, John, and Hassan are partners in a retail lighting store. They share income and losses in the ratio of 2:2:1, respectively. The partners have agreed to liquidate the partnership. The partnership balance sheet before the liquidation follows.The other assets were sold on September 1, 2014, for $720,000. Accounts payable were paid on September 4, 2014. The remaining cash was distributed to the partners on September 11, 2014.Required1. Prepare a statement of liquidation.2. Prepare the following journal entries:a. The sale of the other assets.b. Payment of the accounts payable.c. The distribution of the loss from realization.d. The distribution to the partners of the remainingcash.
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Josh John and Hassan are partners in a retail lighting

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