3 Ross, Stan and Tanner has decided to liquidate their partnership business. They were sharing profits and losses in the ratio of 5:32. All the partners are solvent and are expected to be able to pay off their debts to the firm, if any, by investing sufficient cash. On the date of liquidation the balance sheet of the company showed the following balances Cash Receivables Other Non cash assets Liabilities Ross Capital Stan Capital $15.000 $30,000 $50,000 $40,000 $30.000 $20,000 Tanner $5.000 20% of the receivables proved bad and could not be recovered The noncash assets were sold for $20,000 and liquidation expenses amounted to $6,000 Required: Prepare a statement of liquidation [10] B Show the journal entries required to close the books, [15]