LOT is a partnership owned by Long, Oliver, and Taker. The partners' profit-and loss- sharing ratio is 2:2:1, respectively. The adjusted trial balance of the

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LOT is a partnership owned by Long, Oliver, and Taker. The partners' profit-and loss- sharing ratio is 2:2:1, respectively. The adjusted trial balance of the partnership at November 30, 2018, follows:
LOT
Adjusted Trial Balance
November 30, 2018

Requirements
1. Prepare statement of partners' equity for the month ended November 30, 2018. Use a separate column for each partner in the statement of partners' equity. Assume no new capital contributions during November.
2. Prepare the four closing entries for the month ended November 30, 2018.
3. Taker decides to withdraw from the partnership on December 1, 2018. Her settlement includes all the Merchandise Inventory and all of the Cash in exchange for her equity interest in the partnership.
4. Immediately after Taker's withdrawal, Long and Oliver decide to liquidate the partnership. They sell the building for $150,000. Then they pay the liabilities and distribute the cash to complete the liquidation. Journalize these liquidation entries. Assume the profit-and-loss-sharing ratios remain the same?

Balance Account Title Debit Credit $ 10,000 Cash Merchandise Inventory 8,000 Building 225,000 $ 45,000 Accumulated Depreciation-Building Accounts Payable 13,000 Mortgage Payable 60,000 65,000 Long, Capital Oliver, Capital 45,000 60,000 Taker, Capital Long, Withdrawals 10,000 Oliver, Withdrawals 10,000 Taker, Withdrawals 8,000 68,000 Sales Revenue Cost of Goods Sold 48,000 Salaries Expense 27,000 Rent Expense 10,000 $ 356,000 $ 356,000 Total