Leslie Bjorn, Jason Douglas, and Tom Pierce have a partnership and share income and losses in a 3:1:1 ratio. They decide to liquidate their partnership on March 31, 2014. The balance sheet appeared as follows on the date of liquidation:
Required Prepare the entries on March 31, 2014, to record the liquidation under each of the following independent assumptions: a. Property, plant and equipment is sold for $270,000. b. Property, plant and equipment is sold for $66,000. Assume that any deficiencies are paid by thepartners.