LOT is a partnership owned by Maggie Lafleur, Susan Olay, and Tara Thibert. The partners' profit-and-loss-sharing agreement is 3:1:4, respectively. The adjusted trial balance of the partnership at November 30, 2016, follows:

Requirements
1. Prepare statement of partners' equity for the month ended November 30, 2016. 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, 2016.
3. Thibert decides to withdraw from the partnership on December 1, 2016. Her settlement includes all the Merchandise Inventory and all of the Cash in exchange for her equity interest in the partnership.
4. Immediately after Thibert's withdrawal, Lafleur and Olay decide to liquidate the partnership. They sell the building for $172,000. 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.

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LOT Adjusted Trial Balance November 30, 2016 Balance Account Title Cash Merchandise Inventony Building Accumulated Depreciation-Building Accounts Payable Mortgage Payable Lafleur, Capital Olay, Capital Thibert, Capital Lafleur, Withdrawals Olay, Withdrawals Thibert, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Total Debit Credit $4,000 4,000 235,000 35,000 15,000 75,000 50,000 65,000 35,000 9,000 3,000 5,000 65,000 38,000 26,000 16,000 340,000 340,000