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The Ace, Becker, and Cap partnership was in the process of liquidating its assets and going out of business. Ace, Becker, and Cap had capital account balances of $80,000, $120,000, and $200,000, respectively, and shared profits and losses in the ratio of 1:3:2. Equipment that had cost $90,000 and had a book value of $60,000 was sold for $24,000 cash.Required:Prepare the appropriate journal entry to record the sale of the equipment, distributing any gain or loss directly to the partners.
