After discontinuing the ordinary business operations and closing the accounts on May 7, ledger of the partnership of A,B and C indicated the following: Cash $7,500 NoncashAssets 105,000 Liabilities $27,500 A,Capital 45,000 B,Capital 15,000 C,Capital 25,000 ________ ________ $112,500 $112,500 The partners share net income and losses in the ratio of 3:2:1. Between May 7-30, the noncash assets were sold for $45,000, the liabilities were paid, and the remaining cash was distributed to the partners. (a) Prepare a statement of partnership liquidation. Capital Cash + Noncash Assets = Liabilities A : B : C Balance before realization Sale of noncash assets and Division of gain Balances after realization Payment of liabilities. Balances after payment of Liabilities Distribution of Cash partners Final balances