EXERCISE 4. Journal Entries and Statement Preparation: With capital deficiency solvent/insolvent partner/s. The partnert in the law firm of Mega, Nega, and Pipa had strong differences of opinion concerning client acceptance policies that made them decide to liquidate the business on February 14, 2022. As of December 31, 2021, their capital balances weret Mega, 9350,000 , Nega, 100,000 i and Pipa, 9105.000. Labilities, cash, and non-cash assets were 9145,000,40,000, and 9660,000 , respectively. Cash revenues and expenses for 2020 amounted to 977,000 and 9115,000 , respectively. Profits and losses are shared by Mega, Nega, and Pipa in the ratio of 51312 , respectivaly. REQUTRED: 1. Prepare and upload journal entries to record liquidation under each of the following casesi 3. Non-cash assets were sold for 9200,000 . Assume any deficient parther is solvent. b. Non-cash assets were sold at a loss of 9515.000. Assume any deficient partner is solvent. c. Non-cash assets were sold for 9200,000 . Assume any deficient parther is insolvent. d. Nnon'cash assets were sold at a loss of 9515,000 . Assume any deficient partner is insolvent. 2. Prepare and upload statement of liquidation for Item id. EXERCISE 4. Journal Entries and Statement Preparation: With capital deficiency solvent/insolvent partner/s. The partnert in the law firm of Mega, Nega, and Pipa had strong differences of opinion concerning client acceptance policies that made them decide to liquidate the business on February 14, 2022. As of December 31, 2021, their capital balances weret Mega, 9350,000 , Nega, 100,000 i and Pipa, 9105.000. Labilities, cash, and non-cash assets were 9145,000,40,000, and 9660,000 , respectively. Cash revenues and expenses for 2020 amounted to 977,000 and 9115,000 , respectively. Profits and losses are shared by Mega, Nega, and Pipa in the ratio of 51312 , respectivaly. REQUTRED: 1. Prepare and upload journal entries to record liquidation under each of the following casesi 3. Non-cash assets were sold for 9200,000 . Assume any deficient parther is solvent. b. Non-cash assets were sold at a loss of 9515.000. Assume any deficient partner is solvent. c. Non-cash assets were sold for 9200,000 . Assume any deficient parther is insolvent. d. Nnon'cash assets were sold at a loss of 9515,000 . Assume any deficient partner is insolvent. 2. Prepare and upload statement of liquidation for Item id