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After Several Years of Business, Abel, Barney, and Cole Are

Question 84

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After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances. After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances. Non-cash assets are sold for $275,000. Profits and losses are shared equally. Record the payment of the liabilities. Non-cash assets are sold for $275,000. Profits and losses are shared equally.
Record the payment of the liabilities.

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