Transcribed Image Text: mcdonalds. is shutting down business and liquidating. The balances below will be used for the liquidation. john and brad share profits and losses equally. Cash $3,000 Notes

Transcribed Image Text: mcdonalds. is shutting down business and
liquidating. The balances below will be used
for the liquidation. john and brad share profits
and losses equally. Cash $3,000 Notes
Payable $7,500 vehicle 30,000 Less:
Accumulated Depreciation 15,000 Bert,
Capital 9,000 Ernie, Capital 1,500 Total Assets
$18,000 Total Liabilities and Partner’s equity
$18,000 Sesame Street Co. Balance Sheet
December 31, 2020 Assets Liabilities Partners’
Equity The vehicle has been sold for $10,500
cash and neither partner has sufficient assets
to pay any capital deficits. REQUIRED: Prepare
the journal entries for the sale of the vehicle
and the distribution of the cash to the proper
parties on January 1, 2021 below.

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