Other assets were sold during a partnership liquidation for $300,000,which involved a $27,000 gain.Assuming the three partners have an equal net income division agreement,the journal entry to record the gain would involve:

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When other assets are sold for $300,000 with a gain of $27,000, the amount realized is $327,000 ($300,000 + $27,000). The journal entry to record this gain will involve a credit of $327,000 to other assets and a debit of $273,000 ($327,000 - $54,000) to the gain on sale of other assets account. Since the three partners have an equal net income division agreement, the $9,000 gain ($27,000 ÷ 3) would be credited to each partner's capital account. Therefore, the journal entry to record the gain would be:

Debit: Gain on sale of other assets $273,000 
Credit: Other assets $327,000 
Credit: Partner A's capital account $9,000 
Credit: Partner B's capital account $9,000 
Credit: Partner C's capital account $9,000

Other Assets Were Sold During a Partnership Liquidation for $300,000,which