A condensed balance sheet with profit sharing percentages for the Evers, Freda, and Grace partnership on January 1, 2011, shows the following:
On January 2, 2011, the partners decide to liquidate...

A condensed balance sheet with profit sharing percentages for the Evers, Freda, and Grace partnership on January 1, 2011, shows the following:





On January 2, 2011, the partners decide to liquidate the business, and during January they sell assets with a book value of $300,000 for$170,000.