Question: please show work in journal entry format! The following is a condensed balance sheet for a partnership immediately prior to liquidation on December 31, 2022:

please show work in journal entry format!

The following is a condensed balance sheet for a partnership immediately prior to liquidation on December 31, 2022: The partners share incomes and losses in the ratio of 2:3:5 for Art, Bart, and John, respectively. Required: Prepare journal entries to record the following: a. Sale of Inventory for $110,000 cash b. The Allocation of the Gain/Loss from the inventory sale to the partners c. Payment of the liability d. Final Distribution of cash to the partners

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