Can I please have someone verify that I have completed this problem correctly? It was extensive, and I am concerned that every step is correct. I have included all of the instructions/requirements, and the file names are numbered by page order. Thank you for your help.

Lori Hartin ACC111 - Financial Accounting B. Ritchie 18 July 2020 Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary expenses' listed on the trial balance are each partners' withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are: A $100,000 $100,000 $160,000 Opening capital balances are: A $70,000 $60,000 $70,000 Interest rate is: 5% The fixed ratio is: A IN 3 Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31.Required: Part A, #1 A, B, and C Law Firm GENERAL JOURNAL 2019 Description Debit Credit 31-Dec Partner Withdrawal - Partner A 110,000 Partner Withdrawal - Partner B 140,000 Partner Withdrawal - Partner C 150,000 Salaries Expense - Partner A 110,000 Salaries Expense - Partner B 140,000 Salaries Expense - Partner C 150,000 Record Reallocation of Withdrawals b 31-Dec Fees Revenue 500,000 Office Expense 300,000 Income Summary 200,000 Record Closing of Income/Expense Accounts C 31-Dec Income Summary 200,000 Partner Capital - Partner A 69,500 Partner Capital - Partner B 52,000 Partner Capital - Partner C 78,500 Record Allocation of Profit Per ScheduleRequired: Part A, #2 4 B C Total Amount of profit $ 200,000 Salary allocation S 100,000 S 100,000 160,000 360,000 Balance $ (160,000) Interest allocation: Opening cap. Rate D S 70,000 5% 3,500 60,000 5% 3,000 70,000 5% 3,500 (10,000) Balance $ (170,000) Fixed ratio allocation A $ 170,000 20% (34,000) B 170,000 30% (51,000) 170,000 50% 85,000) 170,000 Balance $ Allocated to partners 69,500 52,000 $ 78,500Required: Part A, #3 A, B, and C Trial Balance At December 31, 2019 Unadjusted Balances Adjusting Entries Adjusted Balance. Account Title Debit credit # Debi Credit # Debit credit Cash 90,000 90,000 Accounts Receivable 300,000 800,000 Accounts Payable 50,000 50,000 A, Capital 160,000 69,500 229,500 A, Withdrawals a 10,000 110,000 B, Capital 180,000 52,000 C 232,000 B, Withdrawals 140,000 140,000 C, Capital 200,000 78,500 278,500 C, Withdrawals a 150,000 150,000 Income Summary C 00,000 200,000 | b 0 Fees Revenue 500,000 b 00,000 Office Expense 300,000 300,000 b 0 Salaries Expense - A 10,000 110,000 a 0 Salaries Expense - B 140,000 140,000 a 0 Salaries Expense - C 150,000 150,000 a 0 1,090,000 1,090,000 1,100,000 1,100,000 790,000 790,000Required: Part A, #4 A, B, and C Income Statement For the Year Ended December 31, 2019 Fees Revenue $ 500,000 Office Expenses (300,000) Partnership Profit 200,000 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 4 B C Total Bal. at Jan 1, 2019 S 160,000 $ 180,000 $ 200,000 $ 540,000 Partnership Profit 69,500 52,000 78,500 200,000 Withdrawals 110,000) (140,000) 150,000) 400,000) Bal. at Dec. 31, 2019 119,500 92,000 $ 128,500 $ 340,000 A, B, and C Balance Sheet At December 31, 2019 Assets Liabilities Cash $ 90,000 Accounts Payable $ 50,000 Accounts Receivable 300,000 Partners' Equity Capital - A S 119,500 Capital - B 92,000 Capital - C 128,500 340,000 S 390,000 $ 390,000Part B (2020) a. On December 31, 2020 new partner D invests other assets into the partnership for a one- quarter ownership interest. An equal amount of capital is contributed by A, B, and C to make up the difference. At December 31, 2020, the partners' capital balances are as follows: $200,000 180,000 190,000 $ 570,000 Fair value of other assets from D $50,000 b. Immediately after this, partner C withdraws from the partnership. She is paid in cash the balance in her capital account plus a bonus, contributed equally from the capital balances of A, B, and D. Bonus paid to C $ 18,000 Required 5 Prepare necessary adjusting entries at December 31, 2020 to record the admission of partner D and the withdrawal of partner C. Show all calculations.Required: Part B, #5 A, B, and C - A, B, and D Law Firm GENERAL JOURNAL 2020 Description Debit Credit 31-Dec Other Assets $ 50,000 Partner Capital - Partner D $ 155,000 Partner Capital - Partner A 35,000 Partner Capital - Partner B 35,000 Partner Capital - Partner C 35,000 Record Entry of Partner D Per Following Partner Capital - Partner A $200,000 Partner Capital - Partner B $180,000 Partner Capital - Partner C $190,000 Partner Capital - Partner D $ 50,000 Total $620.000 Partner Capital (Total/4) $155,000 Partner Capital - Partner D Per Above $155,000 FV of Other Assets -50,000 Difference $105,000 Bonus Paid from Partners A/B/C (Diff/3) $ 35,000 b 31-Dec Partner Capital - Partner C $ 155,000 Cash $ 173,000 Partner Capital - Partner A 6,000 Partner Capital - Partner B 6,000 Partner Capital - Partner C 6,000 Record Exit of Partner C Per Following Partner Capital - Partner C $190,000 Less Bonus Paid by C to D 35000 Balance of Capital - Partner C $155,000 Bonus Given 18,000 Paid Equally by A/B/D (Total/3) 6,000Part C (2021 and 2022) The trial balance of A, B, and D at December 31, 2021 after all adjustments have been made is as follows: Adjusted Balances Account Title Debit Credit Cash 83,000 Other Assets 80,000 Accounts Payable 140,000 A, Capital 7,000 B, Capital 7,000 C, Capital 9,000 163,000 163,000 On January 1, 2022 the partnership is liquidated. Other assets are sold for: $144,000 Gains and losses are liquidated in a ratio of: A 3 U N Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable partner. 7 Prepare the journal entries to record the liquidation.Required: Part C, #6 A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Accounts Cash Other Assets Payable Partners ' Capital A B D Opening balance S 83,000 S 80,000 S 140,000 S 7,000 S 7,000 S 9,000 Sale of Other Assets 144,000 (80,000) Allocation of gain (loss) Amount Ratio A S 64,000 3 19,200 B 64,000 2 12,800 D 64,000 5 32,000 Balances S 227,000 S - S 140,000 S 26,200 S 19,800 S 41,000 Payment of Liabilities (A/P) (140,000) (140,000) Balances S 87,000 S S 26,200 S 19,800 S 41,000 Repay Debit Balances (67,200) (26,200) (41,000) Balances S 19,800 S S 19,800 S Distribution of Cash (19,800) (19,800) Balances S 5 _ 5 _ S _ Required: Part C, #7 A, B, and D Law Firm GENERAL JOURNAL 2022 Description Debit Credit a 1-Jan Cash 144,000 Other Assets 80,000 Partner Capital - Partner A 19,200 Partner Capital - Partner B 12,800 Partner Capital - Partner D 32,000 Record Sale of Other Assets & Distribution of Partner Gains b |1-Jan Accounts Payable 140,000 Cash 140,000 Record Payment of Liabilities (A/P) C 1-Jan Cash 67,200 Partner Capital - Partner A 26,200 Partner Capital - Partner B 0 Partner Capital - Partner C 41,000 Record Cash Contribution to Cover Partner Debit Balance d 1-Jan Partner Capital - Partner A 0 Partner Capital - Partner B 19,800 Partner Capital - Partner C 0 Cash 19,800 Record Closing Distribution of Cash to Partners