2. Assume the partner with the capital deficiency in part (b) declares bankruptcy and is unable to pay the deficiency. a. Journalize the entry to allocate the partner's deficiency. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Journalize the entry to distribute the remaining cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Ch. 12 Quiz B Statement of Partnership Liquidation values of noncash assets total $152,000, and liabilities total $37,000. The partners share income and losses in the ratio of 2:2:1. Required: 1. Prepare a statement of partnership liquidation, covering the period August 3-29, for each of the following independent assumptions: divisions of loss, sale of assets) as negative numbers using a minus sign. If there is no amount or an amount is zero, enter "0". 2. Assume the partner with the capital deficiency in part (b) declares bankruptcy and is unable to pay the deficiency. a. Journalize the entry to allocate the partner's deficiency. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Journalize the entry to distribute the remaining cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Ch. 12 Quiz B Statement of Partnership Liquidation values of noncash assets total $152,000, and liabilities total $37,000. The partners share income and losses in the ratio of 2:2:1. Required: 1. Prepare a statement of partnership liquidation, covering the period August 3-29, for each of the following independent assumptions: divisions of loss, sale of assets) as negative numbers using a minus sign. If there is no amount or an amount is zero, enter "0