The partners of Donald, Chief & Berry LLP decided to liquidate on August 1, 2011. The balance sheet of the partnership is as follows, with the profit and loss ratio of 25%, 45%, and 30%, respectively. 
The disposal of Other assets with a carrying amount of $200,000 realized $140,000, and all available cash was distributed.
-Prepare the journal entry for Donald, Chief & Berry LLP on August 1, 2011, to record the offset of the loan receivable from Donald.
Definitions:
Own Capital
The personal resources that an investor or business owner invests into a business venture.
Economic Costs
Total expenses incurred in the production of goods and services, including both explicit and implicit costs.
Own Capital
The funds or assets owned by a business or individual, invested to start or operate a business.
Long Run
A period of time in which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market changes.
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