The Jackman & Murohv partnership has the following balances on December 31, 2024:
H: (Click the icon to view the balances.)
Jackman and Murphy share profits 1:3, respectively. Jackman and Murphy decide to liquidate the partnership. Journalize the sale of the non-cash assets for $59,000, the payment of the liabilities.
and the payment to the partners. Assume Murphy contributes cash equal to the capital deficiencv. (Record debits first. then credits. Select the explanation on the last line of the journal entry table.)