1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Homer, Kent, and Jones plan to liquidate their partnership. They have always shared losses and gains in a Cash Machinery Accum Depn Total assets Assets Account balances immediately prior to liquidation $466,850 155,000 $395.100 equity Assuming the machinery is sold for $500,000, liabilities are paid and the cash is distributed to the partners on June 30, 2022. Ending Account Balances Required: a) Prepare all the required journal entries to liquidate the partnership on June 30. b) Show your supporting calculations using the following schedule or an alternative layout to document key calculations. Cash $83,250 311,850 $395.100 Liabilities Accounts payable Equity Bill Homer, capital Mike Kent, capital Adam Jones, capital Total equity Total liabilities and Alternative format Calculations: Accum. Deprec. Machinery Machinery $30,000 68,100 192,700 104,300 365,100 Accounts Payable Homer, Capital Kent, Capital Jones, Capital

Homer, Kent, and Jones plan to liquidate their partnenhip. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balnoce sheet appeared as follows: June 30,2022. Required: a) Prepare all the required joumal entries to liquidate the partnership on June 30. b) Show your supporting calculations using the following schedule or an alternative layout to document key calculations. Alternative format Calculations: Homer, Kent, and Jones plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balanee sheet appeared as follows: Assuming the machinery is sold for $500,000, liabilities are paid and the casn is asurounu on .... . June 30,2022 . Required: a) Prepare all the required joumal entries to liquidate the partnership on June 30. b) Show your supporting calculations using the following schecule or an alternative layout to document key calculations. Alternative format Calculations