The balance sheet of Ryan and Peter's partnership as of December 31,2018,is given below.

\begin{array} { | l | r | l | r | } \hline { \text { Assets } } & & { \text { Liabilities } } & \\\hline \text { Cash } & \$ 15,000 & \text { Accounts Payable } & \$ 15,000 \\\hline \text { Accounts Receivable } & 12,000 & \text { Other liabilities } & 21,000 \\\hline \text { Furniture } & 22,000 & \text { Partners' Equity } &\\\hline \text { Equipment } & 39,000 & \text { Ryan, Capital } & 30,000 \\ \hline \text { Other assets } & \underline { 8,000 } & \text { Peter, Capital } &\underline { 30,000 }\\\hline \text { Total assets } & \$ 96,000 & \text { Total liabilities and partners' equity } & \underline { \$ 96,000 }\\\hline\end{array}

Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction?
A)

\begin{array} { | l | l | l | } \hline \text { Cash } & 61,000 & \\\hline \text { Furniture } & & 22,000 \\\hline \text { Equipment } & & 39,000 \\\hline\end{array}

\begin{array} { | l | r | r | } \hline \text { Cash } & 72,000 & \\\hline \text { Furniture } & & 22,000 \\\hline \text { Equipment } & & 39,000 \\\hline \text { Gain on Disposal } & & 11,000 \\\hline\end{array}

\begin{array} { | c | r | r | } \hline \text { Loss on Disposal } & 11,000 & \\\hline \text { Cash } & 61,000 & \\\hline \text { Furniture } & & 22,000 \\\hline \text { Equipment } & & 50,000 \\\hline\end{array}

\begin{array} { | c | c | c | } \hline \text { Liquidation account } & 133,000 & \\\hline \text { Cash } & & 72,000 \\\hline \text { Furniture } & & 22,000 \\\hline \text { Equipment } & & 39,000 \\\hline\end{array}

How Is the Accounting Equation Affected When a Partner Withdraws

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