-/30 Question 1 of 5 Current Attempt in Progress The partners in Cullumber Company decide to liquidate the firm when the balance sheet shows the following. Cullumber Company Statement of Financial Position May 31, 2020 Assets Liabilities and Owners' Equity Equipment 21,500 A. Jamison, capital 32.500 Accumulated depreciation equipment (5,700) S. Moyer, capital 23,650 Inventory 34,500 P. Roper, capital 2.550 Accounts receivable 24,600 Notes payable 13,100 Allowance for doubtful accounts (1.200) Accounts payable 26,700 Cash 28,900 Salaries and wages payable 4,100 102,600 102,600 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence 1. 2 3. A total of E54,150 was received from converting non-cash assets into cash. Gain or loss on realization was allocated to partners. Liabilities were paid in full P. Roper paid his capital deficiency. Cash was paid to the partners with credit balances. 4 S. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually Debit Credit No. Account Titles and Explanation 1. v 2. >