Calculator Statement of LLC liquidation Instructions Amount Descriptions Statement of LLC Liquidation Journal Final Question Instructions Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 221, respectively. The members decide to guidate the equity prior to liquidation and asset realization on August 1 are as follows teab.com The members' Lester $46,800 Torres 59.950 Hearst 27,370 Total $134, 120 In winding up operations during the month of August, noncash assets with a book value of $156.410 are sold for $16150, and bees of 547 210 are said cash balance of $25,420 Portor o Arcadia Sahasa Required: a Prepare a statement of LLC udation Provide the journal entry for the final cash distribution to members on August Refer to the Charter Accounts for exact wording of account What is the role of the income and sharing aboquidating a LLC Check My Work 1 more Check My Work uses remang Previous Next > Email Instructor Soome Test for Grading 21 PM Statement of LLC liquidation Instructions Amount Descriptions Chart of Accounts Final Question hent LLC Liquidation Journal Final Question What is the role of the income and loss sharing ratio in liquidating a LLC? Select the best answer to complete the two sentences below 1. The income and loss-sharing ratio is never used in a Limited Liability Company liquidation often used for the final distribution only used to distribute the gain or loss on the realization of asset sales 2 Mergans and losses on realization have been divided and any member deficiencies have been paid or located the final distribution is based upon the credit balances in the member equity accounts the partners' wishes the income and loss sharing ratio Check My Work 1 more Check My Work uses remaining All work saved