a. On December 31, 2020 new partner D invests other assets into the pi quarter ownership interest. An equal amount of capital is contributed up the difference. At December 31, 2020, the partners' capital balanc Fair value of other assets from D $50,000 b. Immediately after this, partner C withdraws from the partnership. She balance in her capital account plus a bonus, contributed equally from of A,B, and D. Bonus paid to C$18,000 Required: 5. Prepare necessary adjusting entries at December 2020 to record the admission of parther D and t withdrawal of parther C. Show all calculations Ch. 12 Partnership A, B, and C is a law firm. You have been engaged as accountant to financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab be expenses' listed on the trial balance are each partners' withdrawals for the ye Partnership profits are allocated based first on salaries, then on interest on of balances, then on a fixed ratio. Opening capital balances are: Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adju 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year December 31, 2019 and a balance sheet at December 31. A,B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 A,B, and C Trial Balance At December 31, 2019 A Amount of profit Salary allocation Balance Interest allocation: Opening cap. A B C Balance Fixed ratio allocation A B C Balance Allocated to partners B C \begin{tabular}{l} Total$200,0000 \\ \hline 200,000 \end{tabular} Rate 5% 0 0 0200,0000 20%30%50% $0 $0 $0 $0 $0 $200,0000# The trial balance of A, B, and D at December 31,20 21 after all adjustments have been made is as follows: On January 1, 2022 the partnership is liquidated Other assets are sold for: $144,000 Gains and losses are liquidated in a ratio of: Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable parther. 7. Prepare the journal entries to record the liquidation. a. On December 31, 2020 new partner D invests other assets into the pi quarter ownership interest. An equal amount of capital is contributed up the difference. At December 31, 2020, the partners' capital balanc Fair value of other assets from D $50,000 b. Immediately after this, partner C withdraws from the partnership. She balance in her capital account plus a bonus, contributed equally from of A,B, and D. Bonus paid to C$18,000 Required: 5. Prepare necessary adjusting entries at December 2020 to record the admission of parther D and t withdrawal of parther C. Show all calculations Ch. 12 Partnership A, B, and C is a law firm. You have been engaged as accountant to financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab be expenses' listed on the trial balance are each partners' withdrawals for the ye Partnership profits are allocated based first on salaries, then on interest on of balances, then on a fixed ratio. Opening capital balances are: Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adju 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year December 31, 2019 and a balance sheet at December 31. A,B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 A,B, and C Trial Balance At December 31, 2019 A Amount of profit Salary allocation Balance Interest allocation: Opening cap. A B C Balance Fixed ratio allocation A B C Balance Allocated to partners B C \begin{tabular}{l} Total$200,0000 \\ \hline 200,000 \end{tabular} Rate 5% 0 0 0200,0000 20%30%50% $0 $0 $0 $0 $0 $200,0000# The trial balance of A, B, and D at December 31,20 21 after all adjustments have been made is as follows: On January 1, 2022 the partnership is liquidated Other assets are sold for: $144,000 Gains and losses are liquidated in a ratio of: Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable parther. 7. Prepare the journal entries to record the liquidation