A E B Immediately prior to the process of liquidation on December 31, 2014 partners Micco, Niccum, and Orwell of MNO Partnership have capital balances of $70,000, $20,000, and $40,000, respectively. There is a cash balance of $20,000, noncash assets total $170,000, and liabilities total $60,000. The partners share net income and losses in the ratio of 3:2:1. (Different than lecture.) If there is a defeciency assume the partner pays it. Sold non-cash assets for $80,000. 1. Prepare the Statement of Partnership Liquidation fpr the period December 1 -31, 2014. (Format Pages 569 V26 127 Pg 610.) 2. Journalize the entries to record the liquidation outlined below, using Assets as the account title for the noncash assets and liabilities as the account title for all creditors' claims. 12 P12-10K Stml LiqJE's of PS Lia XXtra Credit (Note: All balances in any financial statement are "Normal" balances. (v26 pg 56 v27 pe pg 63) Only negative when normal balance is negative: Example: Cash account overdrawn. Use format shown on Pages 569 V26 127 Pg 610. All balance' lines have $'s Numeric formats: $0 and $xxx, xxx is "Currency" format, xxx,xxxis "General - comma". Do $'s and underscoring per pages referenced. MNO Partnership Statement of Partnership Liquidation For periond December 1 - 31, 2014 Cash NonCash Liabilities Micco Niccum Orwell 7 Percentage Income sharing rations xx.xx% >> 8 19 20 21 22 23 C 24 25 D 25 27 28 General Jouma D E A B General Journal Page: J2 PA Dr Or Date Description A. 8 A2 9 20 31 42 43 44 B 45 46 47 48 C 49 50 51 52 D 53 54 55 56 57 58 Assignment Tell me what you want to do Help J K G H Cr. Scoring Rubric 200 Total points Stmt PS Liq 18 Profit Share %'s Correct #'s 62 Journal Entries 64 8 $'s Under scores 8 Column/Row titles 20 Statement format 20 Late Other Total points 200 200