Problem:
January 1 - The partners decide to liquidate the partnership (McNabb and Brady that share 50/50 of the company). They have the following balances:
Cash $29 917
Accounts Receivable $4 500
Equipment $ 110 000
Accumulated Depreciation $ 25 000
Accounts Payable $ 4 417
The partners were able to collect $3 500 of the accounts receivable and sell the equipment for $72 000.
Required - Record all journal entries to dissolve the partnership.
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