eBook Show Me How Statement of LLC Liquidation Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members' equity prior to liquidation and asset realization on August 1 are as follows: 59,500 Lester Torres 22,000 13,700 Hearst Total 545,200 In winding up operations during the month of August, noncash assets with a book value of $59,500 are sold for $73,800, and liabilities of $20,200 are satisfied. Prior to realization, Arcadia Sales has a cash balance of $5,900, a. Prepare a statement of LLC liquidation Enter any subtractions (balance detciencies, payments, cash distributions divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter "0" For the Period August 1-31 Member Member Member Equity Equity Equity Lester (2/5) + Torres (2/5)+ Hearst (1/5) Noncash Assets Liabilities + Cash + Balances before realization Sale of assets and division of gain Balance after realization Payment of liabilities Balances after payment of liabilities Distribution of cash to members Final balances amount box does not require an entry, leave it b. Provide the journal entry for the final cash distribution to members. For a compound transaction, blank c. What is the role of the income and loss sharing ratio in liquidating a LLC on the realization of asset sales. It used for the final The income and loss sharing ratio is only used to distribution