The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below. 
Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. They sold the furniture and equipment for $72,000. Which of the following is the correct journal entry for the sale transaction? 
Definitions:
Free Trade
The elimination of tariffs, quotas, and other trade barriers between countries to allow for the unrestricted exchange of goods and services.
Autarky Price
The price of goods in a closed economy that does not engage in international trade.
Domestic Supply
The total amount of goods and services produced within a country that is available for purchase.
Domestic Demand
The total demand for goods and services within a country's borders, excluding exports and including imports.
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