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, 2024, follows:

Requirements
1. Prepare statement of partners’ equity for the month ended November 30, 2024. 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, 2024.
3. Taker decides to withdraw from the partnership on December 1, 2024. 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.

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Account Title Cash Merchandise Inventory Building Accumulated Depreciation-Building Accounts Payable Mortgage Payable Long, Capital Oliver, Capital LOT Adjusted Trial Balance November 30, 2024 Taker, Capital Long, Withdrawals Oliver, Withdrawals Taker, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Total Balance Debit $ 10,000 8,000 225,000 10,000 10,000 8,000 48,000 27,000 10,000 $ 356,000 Credit $ 45,000 13,000 60,000 65,000 45,000 60,000 68,000 $ 356,000