22. Priya, Shreya and Omar have always shared profit and losses in a 3:1:1 ratio. They recently decide to liquidate their partnership. A summary of account balances prior to liquidation is: Cash Equipment Accounts (net) Payable Priya's Capital Shreya's Capital Omar's Capital 9,450 166,320 39,690 63,840 42,000 30,240 Account balances as on Dec 31, 2020 Complete the above schedule and show sale, gain or loss allocations and the distribution of cash if equipment is sold for 119,070. 10 23. Sushi Corporation received its charter and began business in 2020. The company was authorized to issue 100,000, $5, cumulative, preferred shares and 500,000 common shares. Prepare journal entries to record the following transactions that occurred during 2020: Apr-05 Sold 5,000 common shares for $15 per share. May-14 Issued 750 common shares in exchange for legal services worth $11,250 relating to organization of the corporation. Jun-23 Sold 250 preferred shares for $24 per share, cash. 10