min) 178-4. Jones, Reston, and Sullivan are liquidating their partnership. All losses and gains are shared in a 4:2:1 ratio (not based on investment). Before liquidation their balance sheet looked as follows: Cash Other Assets S 800 19.200 Liabilities A. Jones, Capital C. Reston. Capital J. Sullivan, Capital Total Liab, + Equity $ 6,000 4,000 8.000 2.000 $20,000 Total Assets $20,000 Journalize the entries needed in the liquidation process under the following independent situations assume a date of July 1. 20XX. for sale of assets and a date of July 15 to pay off liabilities and distribute cash that is left to the partners): Situation 1: Sold other assets for $26.200. Situation 2: Sold other assets for $17.800. Situation 3: Sold other assets for S10.800; Jones cannot cover his deficit. (For simplicity, round any calculations to the nearest dollar.
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