Answer the required questions below in the question posted. Also prepare the journal entry required to record the liquidation under the three cases. Show clear working.

have always shared incomes and losses in a 3:1 atio, plan Problem 14-78 pror to the liquidation their balance sheet appeared as follows: Liquidation of a and Olive, who have always LOS to liquidate their partnenship. just prior to the liquidation their partnenshin Poppy, Sweetbean, and Olve Balance Sheet October 15, 2011 Llabillitles 6,750 Accounts payable Assets 3 28,350 Cash Equipment (net)" 118800 Equity $45,600 Totall assets 5125 550 Emie Poppy, captal Lynn Sweetbean, captal.. 30,000 21,600 Ned Olive, capital Total equity Total labilties and equity $125,550 Accumulated depreciation- $29,000 eXcel Part 1 Under the ansumption thant the equipment is sold and the cash is distibuted to the proper parties on October 15, 2011, complete the scheduke provided bolow. Ernle Lynn Hed Equipment Accounsts Poppy, Sweetbean, Otlve, Cash Inet) Payable Capital Capital Capital Account bolances October 15, 2011 the sale, the gain or loss allocation, and the disribution of the ash in each of the following Check figures unvmelated cases a The equipment issold for 3135,000, b The auasioment&ackd for $36,380, and any partners with reuting dofncts can and do pay in d. Cath to Olve 10 a. Cash to Olive 324,840 b. Cash to Olive 114,850 .Cash to Olve $s, 100 amount of thait doficks. Page 4