(Answered) 1 granger company wishes to liquidate the firm by

Accounting

1. Granger Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are: Cash $66,000; Niles, Capital (Cr.) $47,000; Dowagiac, Capital (Dr.) $21,000; and Vandalia, Capital (Cr.) $40,000.

The income ratios of the three partners are 3:3:4, respectively. Prepare the entry to record the absorption of Dowagiac's capital deficiency by the other partners and the distribution of cash to the partners with credit balances.

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