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The allocation of the gain or loss on realization to the


Data for The Best Company are presented in E12-8.

Instructions

Prepare the entries to record:

(a) The sale of noncash assets.

(b) The allocation of the gain or loss on realization to the partners.

(c) Payment of creditors.

(d) Distribution of cash to the partners. 

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Accounting Basics: The allocation of the gain or loss on realization to the
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