12-5B Solution Needed. Statement of Partnership Liquidation --- After the accounts are closed on Stepmeber 10 2012, prior to liquidating the partnership, the capital accounts of Randy Campbell, Ken Thayer, and Linda Lipton are $38,000, $6400, and $28500 respectively. Cash and noncash assets total 17700 and 64200, respectively. Amounts owed to creditors total 9000. The partners share income and losses in the ratio 1:1:2. Between September 10 and 30, the non cash assets are sold for 35,000, the partner with the capital deficiency pays his or her deficiency to the partnership and the liabilities are paid. Instructions: 1. prepare a statement of partnership liquidation indicating the sale of assets and division of loss, the payment of liabilities, the receipt of the deficiency (from the appropriate partner) and the distributions of cash. 2. assume the partner with the capital deficiency declares bankruptcy and cant pay the deficiency. journalize the entries to allocate the partners deficiency and distribute the remaining cash