Assume the same information as in QS 11-14 except that the Equipment was sold for $85,000 on April 1, 2017. Prepare the journal entry to record the final distribution of cash.

Data from in QS 11-14

Sam, Andrew, and Mary were partners in Gem Skateboard Company. The partners shared profits and losses 3:2:3, respectively. On April 1, 2017, the partnership showed the following account balances just prior to liquidation:

Equipment was sold for $175,000. Prepare the journal entry to record the final distribution of cash.

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Account balances immediately prior to liquidation..... Cash Equipment Accum. Deprec. Sam, Andrew, Mary, Equipment Capital Capital Capital $32,000 $151,000 $36,000 $65,000 $48,000 $34,000