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Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $$34,400$; Vogel, Capital $($Cr$.)$ $$20,600$; Utech, Capital $($Cr$.)$ $$18,600$; and Pena, Capital $($Dr$.)$ $$4,800.$ The income ratios are $5$:$3$:$2,$ respectively. Pharoah Company decides to liquidate the company.

$($a$)$

Prepare the entry to record $(1)$ Pena's payment of $$4,800$ in cash to the partnership and $(2)$ the distribution of cash to the partners with credit balances. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$(1)$

$(2)$

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