LOT is a partnership owned by Maggie Leen, Susan Osterlitz, and Tara Tripp. The partners' profit-and-loss-sharing agreement is 1:3:4, respectively. The adjusted trial balance of the partnership at November 30, 2014, follows:

1. Prepare statement of partners' equity for the month ended November 30, 2014. Use a separate column for each partner in the statement of partners' equity.
2. Prepare the four closing entries for the month ended November 30, 2014.
3. Tripp decides to withdraw from the partnership on December 1, 2014. Her set­tlement includes all the Merchandise Inventory and all of the Cash in exchange for her equity interest in the partnership.
4. Immediately after Tripp's withdrawal, Leen and Osterlitz decide to liquidate the partnership. They sell the building for $108,000. 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, 2014 Balance Debit $ 9,000 10,000 200,000 Credit Account Title Cash Merchandise Inventory Building 7.000 50,000 60,000 35,000 27,000 Accounts Payable Mortgage Payable Leen, Capital Osterlitz, Capital Tripp, Capital Leen, Withdrawals Osterlitz, Withdrawals Tripp, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense 7,000 4,000 1,000 00,000 74,000 22,000 12,000 $ 339,000 $339,000