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Label each exercise or problem clearly. Use APA formatting and citation if needed.
Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed Cash $10,000, total "other assets," $106,000; total liabilities, $88,000; Sand, Capital, $1,200; Mell, Capital, $11,700; and Rand, Capital, $15,100. The "other assets" were sold for $ 85,000.
Determine the following:
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Kendra is a self-employed taxpayer working exclusively from her home office. Before the home office deduction, Kendra has $5,000 of net income. Her allocable home expenses are $10,000 in total. How are the home office expenses treated on her curre..
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Prepare journal entries to record the transactions above on the books of TV Land Company. Closing en- tries should not be made.
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