The balance sheet of Rogers, Dennis & Berry LLP prior to liquidation included the following: Cash$40,000Noncash assets 80,000Liabilities 20,000Loan Payable to Rogers 10,000Rogers, Capital 35,000Dennis, Capital 30,000Berry, Capital 25,000??The three partners shared net income and losses in a 5:3:2 ratio, respectively. Noncash assets were sold for $60,000. Creditors were paid in full, partners were paid $35,000, and the balance of cash was retained pending future developments.?Record the journal entry for the cash distribution to the partners.
What will be an ideal response?
| Loan Payable to Rogers | 10,000 | |
| Rogers, Capital | 2,500 | |
| Dennis, Capital | 10,500 | |
| Berry, Capital | 12,000 | |
| Cash | 35,000 | |
? | ||
| ? | ||
| To record payment to partners, computed as shown above. | ||
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