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The BlueFin Partnership agreed to dissolve.The remaining cash balance after liquidating partnership assets and liabilities is $60,000.The final capital account balances are: Smith,$30,000; Nagy,$20,000; and Russ,$10,000.Prepare the journal entry to distribute the remaining cash to the partners.
Loss on Sale
A financial outcome in which the proceeds from the sale of an asset are less than its carrying value on the books.
Stock Investment
The purchase of shares in a company to gain a financial return in the form of dividends or appreciation in the share price.
Equity Method Investments-Jay
An accounting technique used to record investments in other companies, where the investment is significant but less than controlling, adjusting the value to account for the investor's share of the earnings or losses.
Cash Dividends
A distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.
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