! Case three: (25 marks) The following is the financial statement for Sarsar partnership. The profit/loss percentages for partners Same, Sameer, and Rana are 60%, 30%, and 10%, respectively, on 31/12/2020: Assets 31/12/2020 L&CAPITALS 31/12/2020 Cash 70,000 account payable 250,000 account/rec. 90000 long term debit 550.000 Debit to Same 50,000 Inventories 440,000 Same capital 600.000 plant assets 1040,000 Huda capital 300,000 intangible assets 210,000 Rana capital 100.000 The partners agree to admit salem for 15% interest of the partnership for 150,000 cash and recorded the admission on good will method and every old partner gave up 5% of his percentage After the admission the partners are differed between them and decided to solve the partnership. The agree to keep out 20,000$ for dissolving partnership expenses. On January 31/2021 they sold all the account receivables for 60,000, March 31/2021 sold all inventories for 320,000 April 30/2021 sold 520,000s of the planet assets for 400,000 Required: 1) Prepare the entry to recorded salem admission 2) Prepare vulnerability ranking, losses absorption and cash distribution plane 3) Prepare cash distribution schedule 4) Distributed the available cash between according to the distribution schedule in 1/1/2021, 31/01/2021,31/03/2021,30/04/2021 5) Prepare statement of realization and liquidations with necessary entries assuming all other assets sold for 360.000 at 31/05/2021