(SOLVED) The Jackson Mack partnership has the following balances on


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The Jackson & Mack partnership has the following balances on December 31, 2016:
Jackson and Mack share profits 1:1, respectively. Jackson and Mack decide to liquidate the partnership. Journalize the sale of the non-cash assets for $56,000, the payment of the liabilities, and the payment to the partners. Assume Mack contributes cash equal to the capital deficiency.

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