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As of January 1, 2011, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses:
The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $10,000.How much of the existing cash balance could be distributed safely to partners at this time?
Prepare both of the journal entries to record interest on June 30 and December 31.
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