After the accounts are closed on Apell 10, prier to liquidsting the partnership, the capital accounts of Zach fairehid, Austin lowes, and Amber Howard are $29,200,55,400, and $23,000, respectively. Cosh and noneash assets total $7,200 and $55,t00, respectively. Amounts owed to creditors total 57,600 . The parthers share income and losses in the ratb of I1172. Betweth April 10 and Apni 30 , tha noncash assets are sold for $31,200, the parther with the copital defolency poys the deficiency to the partiership, and the liabilities are paid. Requir ed: 1. Prepore a statement of partneeship liquidation, indicating (a) the sale of assatu and alvision or ioss, (o) the payment of liatilites, (c) the recespt of the deficiency (from the appropriate portner), and (d) the distntition of cash: Enter afiy subtractions (balance deficiencies, poyments, cash distributians, fivisions of loss, saie of atsets) as negative numbers using a partner with the capital deficiency declares bonknyptcy and is unable to pay the deficiency. try to allocate the parther's deficiency. If an ampunt box does not require an entry; leave it blank 2. Assume that the partner with the copital deficiency declares bankruptey and is unable to pay the deficiency. a. Journalize the entry to allocate the partner's deficiency, If an amount box does not require an entry. leave if blank. 2. Assume that the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. a. Journalize the entry to allocate the partnor's deficiency. If an amount box does not require an entry, leave it blonk. b. Journalire the entry to distribute the remaining cash. If an amount bok does not require an entry, leave it biank. After the accounts are closed on Apell 10, prier to liquidsting the partnership, the capital accounts of Zach fairehid, Austin lowes, and Amber Howard are $29,200,55,400, and $23,000, respectively. Cosh and noneash assets total $7,200 and $55,t00, respectively. Amounts owed to creditors total 57,600 . The parthers share income and losses in the ratb of I1172. Betweth April 10 and Apni 30 , tha noncash assets are sold for $31,200, the parther with the copital defolency poys the deficiency to the partiership, and the liabilities are paid. Requir ed: 1. Prepore a statement of partneeship liquidation, indicating (a) the sale of assatu and alvision or ioss, (o) the payment of liatilites, (c) the recespt of the deficiency (from the appropriate portner), and (d) the distntition of cash: Enter afiy subtractions (balance deficiencies, poyments, cash distributians, fivisions of loss, saie of atsets) as negative numbers using a partner with the capital deficiency declares bonknyptcy and is unable to pay the deficiency. try to allocate the parther's deficiency. If an ampunt box does not require an entry; leave it blank 2. Assume that the partner with the copital deficiency declares bankruptey and is unable to pay the deficiency. a. Journalize the entry to allocate the partner's deficiency, If an amount box does not require an entry. leave if blank. 2. Assume that the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. a. Journalize the entry to allocate the partnor's deficiency. If an amount box does not require an entry, leave it blonk. b. Journalire the entry to distribute the remaining cash. If an amount bok does not require an entry, leave it biank
