After the accounts are cloned on February 3, prior to liquidating the partnership, the capital accounts of William Gerloft, Joshua Chu, and Courtney Jowett ore 19,660, S4200, und $22,060, respectively. Cash and noncash assets total 56,060 and $56,300, respectively. Amourts owed to creditors totul 516,440. The partners share nicome and love in the ratio of 2:1:1. Between February 3 and Fobruary 28, the noncash assets are sold for $34,700, the partner with the capita deficiency pay the deficiency to the carriersho, and the tables are paid Required: 1. Prepare a statement of partnership liquidate, indicating in the sale of assets and dinion of loss. (by the payment of the (c) the recept of the deficiency (from the appropriate partner), and () the distribution of cash. Refer to the of Label and Amount Descriptions for the exact wording of the answer choice for toxt entries. For those bome in which you must avtor subtrached or negative numbers (balance deficiens, payments, cash distributions, divisions or so), use a mission. If there no amount to be reported for fore(a), men can be off blant. However, in the balance rows, a balance of zaro MUST bendicated by entering 2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency Journal theories on Feb. 28 tota allocate the partner's contency and (b) altretut the remarwng cash. Melor to the Chair of Accounts for exact wording of accounts Gerloft, Chu, and Jowett Statement of Partnership Liquidation Capital, Chu Noncash Assets Liabilities Capital, Gerfall (2/4) Capital Jewett 11/4 Balances 2. Assume the partner with the capital detency declares bankruptcy and is unable to pay the deficiency. Journalize the entries on Feb. 28 to (a) locate the partners dietooney and (b) distribute the remaining cash. Refer to the Chart of Accounts for exact wording of account sites TAGE 10 ACCOUNTING EQUATION JOURNAL DET CREDIT ASSETS LIMES COUNTY POSTRE DESCRIPTION DATE 1 1