12-3B Assets Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation equipment NEWMAN COMPANY Balance Sheet April 30, 2017 Cash Llabilities and Owners' Equity $ 30,000 Notes payable $ 20,000 25,000 Accounts payable 30.000 (2,000) Salaries and wages payable 2,500 35,000 Mallory, capital 28,000 13.650 20,000 Bosco, capital (8,000) Renteria, capital 5,850 $100,000 $100,000 The partnersh partners share income and loss 5:3:2. During the process of liquidation, the transac tions below were completed in the following sequence. 1. A total of $55.000 was reedived from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in fu 4. Cash was paid to the partners with credit balances. Instructions (a) Prepare a schedule of cash payments. (b) Prepare the entries to record the transactions. (c) Post to the cash and capital accounts